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Indicators have lost the momentum and moving downwards for the index on the daily chart and therefore it would be advisable to take aggressive longs only above the crucial resistance of 22,000-22,100 in the Nifty.
Markets are likely to rally in the run-up to the Lok Sabha elections in anticipation of a stable government and continuation of favourable policies that will benefit the economy and businesses, says Anil Rego
Based on the data, we don't anticipate any major cracks in the market. However, if there is a significant cut, the markets may not be able to sustain at the lower levels.
Looking forward, immediate resistance levels for Nifty are identified at 21,850, with an additional hurdle at 22,124, representing the life high level. On the downside, crucial support levels lie at 21,350 and 21,100.
BEML formed long bullish candlestick pattern on the daily timeframe with above average volumes, while the stock traded well above all key moving averages. Further it has been in higher highs, higher lows formation since after October lows.