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As for the Nifty, going ahead, immediate support is expected around last Thursday’s low of 22,300, which coincides with the 20EMA (20-day exponential moving average), followed by the pivotal support of the bullish gap around 22,200.
A long build-up was seen in 65 stocks, including Hindustan Copper, Sun TV Network, Biocon, Granules India, and Dixon Technologies.
In the coming truncated week, the market is expected to consolidate with a positive bias, with focus on Fed interest rate decision, corporate earnings, monthly auto sales numbers, and manufacturing PMI data, experts said.
Nifty up move is unlikely unless Call writers exit from the 22,500 strike. This level is likely to act as a major hurdle for the index.
The options data indicated that the Nifty 50 may take support at 22,200 and 22,000 levels, with resistance at 22,500 and 22,600 levels.