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Experts hope to see the Nifty 50 at 22,600 in an immediate term and 22,800 in the short term, with support at 22,400, and then at 22,200. But, in between, the 22,500 level is likely to be crucial in determining the subsequent direction in the market
Sobha ended at new closing high after break out of downward sloping resistance trendline, and formed long bullish candlestick pattern on the daily timeframe with above average volumes.
On the domestic front, if the markets start to believe that there is an increased possibility of a lack of policy continuity, then the markets could correct, says Nishit Master while pointing out towards the risk factor.
Oberoi Realty has seen a consolidation breakout. The stock has formed bullish candlestick pattern on the daily charts with above average volumes, and now traded above all key moving averages.
Looking ahead, immediate resistance levels for the Nifty are observed at 22,500 followed by the 23,000 mark. On the downside, crucial support levels are identified at 21,850 and 21,530
State Bank of India formed bullish candlestick pattern on the daily timeframe, though the volume was below average. The stock traded way above all key moving averages and maintained higher highs, higher lows formation since October 2023.