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Positive chart patterns like higher tops and bottoms are intact as per the daily chart, and the present upmove is in line with the new higher top formation of the pattern. The short-term uptrend of the Nifty remains intact, and the next upside levels are around 22,800 (1.618% Fibonacci projection). Immediate support is at 22,520 levels, said Nagaraj Shetti of HDFC Securities.
The index remained sideways throughout the session, reflecting a pause in the market trend, following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation.
A total of 12,252 shares changed hands on the counter till 01:29PM (IST).
The stock traded at a P/E multiple of 7.39, while the price-to-book value ratio stood at 0.83.
A total of 21,155 shares changed hands on the counter till 10:56AM (IST)