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ICICI Bank was the star performer in the Nifty 50 and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock traded above all key moving averages now.
On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.
The options data indicated that the Nifty is expected to face resistance at 22,800-23,000 levels in the coming sessions, with support at 22,500-22,400 levels.
A long build-up was seen in 61 stocks, including Balrampur Chini Mills, Aditya Birla Capital, UltraTech Cement, ABB India, and Mahindra & Mahindra.
Havells India, for instance, saw a breakout of its falling resistance trendline adjoining the highs of March 2 and April 8, and formed a big bullish candlestick pattern on the daily timeframe with healthy volumes.