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For Nifty, support is at 21,800 and then 21,500, while resistance is at 22,200. Stock-specific action and sector rotation is likely during consolidation, analysts said
The options data indicated that the Nifty may march towards 22,200-22,300 in near term but also has a possibility of moving towards 22,500 in the short term, with immediate strong support at 21,800-21,700 levels.
The Nifty IT was the star performer, gaining more than 5 percent and formed strong bullish candlestick pattern on the daily charts after a breakout of downward sloping resistance trendline in the opening itself
The options data clearly indicated that 21,700 is expected to be an immediate hurdle for the Nifty 50, while immediate support may be at 21,600.
The options data indicated that 21,700-21,800 is expected to be an immediate resistance area for the Nifty 50, with support at 21,500.