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The monthly options data indicated that 22,500 is the expected next key resistance for the Nifty 50 on the monthly expiry day, followed by 22,700, with support at the 22,300 level.
The monthly options data suggested that the Nifty may face hurdle at 22,400-22,500 levels on the higher side, with crucial support at 22,000 level.
The options data indicated that the Nifty may find resistance at 22,200 and then 22,500 mark, with support at 22,200 and 21,900 levels.
The next crucial support level stands at 22370. On the upside 22620 – 22650 shall act as an immediate hurdle from short term perspective, says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Nifty Bank also opened on a positive note and extended the gains as the day progress and crossed 49,000 level for the first time.