22-04-2024 04:55 PM | Source: Choice Broking
Post-market comment by Mandar Bhojane, Choice Broking

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Below the Quote on Post-Market Comment by Mandar Bhojane, Choice Broking 


Indian benchmark indices ended higher for the second consecutive session on April 22, with the Nifty closing above 22,300. At close, the Sensex was up by 560.29 points or 0.77 percent at 73,648.62, and the Nifty rose by 189.40 points or 0.86 percent to 22,336.40.

On the daily chart, Nifty opened with a gap up opening accompanied by significant volume, indicating a strong bullish reversal from the support level. The Nifty closed above the 20-day Exponential Moving Average (EMA), indicating a strong closing. If the index sustains above the 22,400 level, it may further ascend to 22,600 and potentially reach an all-time high in the coming days. On the flip side, 22,150 and 22,000 are expected to act as immediate support levels.

A dip towards the 22,150-22,100 range could be perceived as a buying opportunity, as key daily moving averages reside within this range, potentially attracting buying interest.

Analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,000 level, suggesting potential support for the ongoing expiry. On the Call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing an all-time high. Maintaining prices above this level could propel the market towards the 22,800 strike prices, which could act as potential resistance levels for the upcoming expiry.

Traders and investors are encouraged to consider buying opportunities during Nifty dips and implement a suitable stop-loss strategy below the mentioned support levels.


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