Index is only expected above 22,380where9and21-day moving average - Tradebulls Securities Pvt Ltd
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Nifty
Strong bearish candle today suggest bears in control and any sort of recovery in Index is only expected above 22,380where9and21-day moving average is. Next support for market comes at 21,800 which is swing low made on 19th Apr. Market has alsoclosedbelow its 50-day moving average indicating bearish trend to continue. Call writing at 22,200 and 22,300 suggest resistancezonearound that level while 21,500 and 21,600 put writing shows support zone around that levels. Multiple support aroundthelevelsof 21,740 suggest that market may pause around that levels and any shorts can be covered around that levels. Longs shouldbeavoided till market does not trade above 22,200.
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