Stay updated with breaking news from Technical Analyst. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Experts believe that if the index closes and sustains above 23,000, the next hurdle would be the upper band of the Rising Channel (23,100-23,200), and surpassing this could open doors to 23,500, with support at 22,800.
The 23,000 level is expected to play a key role in the Nifty's further direction, and sustaining this level can take the index towards the upper band of the Rising Channel (i.e., 23,100-23,200), followed by 23,500, with support at 22,800.
An analyst from StoxBx said that The pattern analysis of Adani Enterprises on the daily timeframe shows a stronger pullback rally from the support of the 200-day MA.
Stocks that were in focus include names like Indian Bank, which fell 1.33%, Sun Pharma, which jumped 1.5%, and Hindustan Zinc, whose shares rose 4% on Wednesday.
Nifty highest open interest can be seen in 23,000 CE, while on the downside, 22,700 PE also faces writing pressure.