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The 23,000 level is expected to play a key role in the Nifty's further direction, and sustaining this level can take the index towards the upper band of the Rising Channel (i.e., 23,100-23,200), followed by 23,500, with support at 22,800.
Indian shares recovered to close flat on Tuesday, with gains in metal stocks offsetting declines in other sectors. The S&P BSE Sensex closed 0.07% lower at 73,953, while the NSE Nifty50 index ended above the 22,500 level. Indian Bank has shown bullish trend on the daily chart with the breakout of an Inverse Head and Shoulders pattern. Aditya Birla Fashion witnessed a notable breakout of a pattern called the Cup and Handle, suggesting a likely uptrend ahead.
Brokerage firm Motilal Oswal suggests ICICI Bank, ABB India and NMDC stocks to buy this week.
Kothari, DVP, who has around 15 years of work experience in technical research, is bullish on Balrampur Chini Mills and DCM Shriram for the coming week.
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.