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Zomato ended at new closing high and formed long bullish candlestick pattern on the daily scale with above average volumes. The stock traded above all key moving averages.
In terms of levels, immediate resistance for Nifty 50 is notable at 22,800, a significant level on higher time frames, with further resistance observed at 23,170 and 23,400.
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Over the short term, the Nifty 50 may trend towards 22,650. Support is positioned at 22,350 on the lower end.
Milan Vaishnav said one can go for a short strangle for Nifty (selling CE 22,600 and selling PE 22,000). This is likely to see a yield of approximately 3 percent per lot on the capital deployed.