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India Business News: Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, moved up in trade on Tuesday. While BSE Sensex surged over 100 points, Ni
The consolidation is expected to continue in the coming days, with resistance on the higher side at 23,000 on the Nifty 50, followed by 23,100, and support at 22,800 and then 22,600 levels, experts said.
Given that the VIX is above 21 and the Put-Call Ratio (PCR) for NIFTY is over 1.35, it is advisable for traders to start booking profits and avoid this final segment of the election rally.
Experts expect the index to consolidate around this level, possibly until the monthly F&O expiry scheduled on May 30, before getting ready for the next leg of the upmove. The 22,800 level is expected to act as support.
An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,700 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 23,200 and 23,500 levels.