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Given the volatility, which hit a fresh two-year high at around 24 ahead of the mega event - Lok Sabha election results, the Nifty 50 index is likely to consolidate further with immediate support at 22,800 and then 22,600, whereas 23,000 is expected to be the hurdle on the higher side.
The consolidation is expected to continue in the coming days, with resistance on the higher side at 23,000 on the Nifty 50, followed by 23,100, and support at 22,800 and then 22,600 levels, experts said.
The Nifty 50 is likely to be rangebound with resistance at 23,100-23,200 and support at 22,800 in the coming sessions, while volatility is expected to be elevated ahead of the Lok Sabha election results.
For the coming week, one can use a pullback on the Nifty to sell weekly Call options for a strike of 23,050, as it will not be easy for the index to break above 23,000 unless strong momentum is witnessed across the sector, says Ashish Kyal.
From long term perspective, one can continue to accumulate Infosys on dips if time horizon is 2 years or more, says Ashish Kyal.