Key Points
Nifty on Monday ended 91 points lower to form a bearish candle with the 20-DMA acting as immediate support at 21,900...
The daily and hourly momentum indicators are providing divergent signals which can lead to a range-bound move over the next few trading sessions...
The hourly moving averages placed in the range 22130 22100 shall act as immediate crucial support, while 22275 22300 shall act as an immediate hurdle zone from a short-term perspective, Jatin Gedia of Sharekhan said.. Open Interest (OI) data showed the call side had the highest OI at 22,300, followed by the 22,500 strike prices..
The positive key takeaway for Nifty is that it is holding above the psychological support of 22,000 on a closing basis..
On the higher side, the immediate resistance zone for Nifty is at 22,250-300 levels and the next resistance is at 22,500 mark...
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