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Nifty

On May 23, the NSE Nifty 50 hit a new all-time high, breaking over a significant resistance level ahead of the weekly options expiryandcrossing above 22,800 for the first time. On a daily basis, it is boldly moving in the direction of the upper end of the channel patternresistance, which is located around 23030, with a rising support zone at 22800. The option data indicates an elevated baseformationisexpected around the 22800–22600 zone for the coming week. Meanwhile, the confident call writing bound remains unchangedat23000,indicating the traders' belief that the resistance may hold for the day. Technically from here on 22610 becomes a key pivotal supportforthe ongoing event momentum & hence serves as an ideal stop loss zone for positional longs. While traders may continuetoexercisecaution & refrain from building leverage positions until the event volatility cools down. Traders are advised to remain selectivewhiledeploying longs & utilize intraday declines to add longs rather than chasing breakout moves.

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