Stay updated with breaking news from Quant Research. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Nifty surged to a new all-time high of 23,110 before correcting slightly. With support near 22,500, it's expected to trade in a range of 22,500 to 23,000. Analysts recommend a Bull Call Ladder strategy amid capped upside and potential for bounce from lower levels.
The volatility, which reached a two-year high, is likely to remain elevated until the election results, with the Nifty 50 expected to consolidate around the 23,000 mark, experts said.
The Nifty 50 is likely to be rangebound with resistance at 23,100-23,200 and support at 22,800 in the coming sessions, while volatility is expected to be elevated ahead of the Lok Sabha election results.
With the FIIs returning, there are chances now of short covering in the derivatives markets. In the previous weekly expiry, Nifty has seen a sharp short covering above the levels of 22,800 — a sort of double top. Above 22,800 levels, the directional uptrend has been confirmed for the near-term targets of 23,200.
Reliance stock faces a minor hurdle around the Rs 3,000 level, which, once surpassed, could take it to Rs 3,100 levels, says an analyst