Yesterday, NIFTY opened on a positive note and jumped above the 22,600 mark in early trade. Thereafter, the index started forming higher tops and higher bottoms on the intraday charts, breached the 22,700 mark during the afternoon session, and eventually closed above 22,750.
NIFTY has now confirmed the formation of higher tops and higher bottoms on the hourly charts. Therefore, if the index sustains above the 10-DEMA, which is placed near 22,850, we may see further upside, with NIFTY potentially testing the 20-DEMA, placed near 23,125.
On the downside, the 22,500–22,400 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,400.
| Open | 22603 |
| High | 22776 |
| Low | 22561 |
| Close | 22776 |
| S 1 | 22633 |
| S 2 | 22490 |
| R 1 | 22847 |
| R 2 | 22919 |
| Action | SL | TGT |
|---|---|---|
| Buy above 22800 | 22700 | 23000 |
| Sell below 22475 | 22551 | 22325 |