Technically, after the strong pullback rally, the index is likely to pause near 22,500-22,530 levels.
By NEERAJ SHARMA
MUMBAI, Apr 23 (The CONNECT) – Buoyed by strong global market trends, domestic equity benchmarks continued to rise for the third day in a row.
The volatility index, India VIX, fell by 19.72% to settle at 10.20, Finally, the Nifty closed the day on a positive note at 22,368.
Technically, after the strong pullback rally, the index is likely to pause near 22,500-22,530 levels.
The Nifty could attempt to break its all-time high of 22,776 If the index sustains above 22,530.Ootherwise, the index could witness consolidation in the 22,000-22,500 zone. The short-term support levels for Nifty are at 22,200 and 22,000, while resistance levels are 22,450 and 22,530.
The Nifty Bank index opened with an upward gap and faced a hurdle of 48,300, witnessed some profit booking. As a result, the index settled the day with marginal gain at 47,970. Technically, 48,300–48,500 will act as a short-term hurdle for the index.
If the Bank Nifty sustains above 48,500, then the rally might extend towards 49,000-49,500 levels.
Short-term support levels for Bank Nifty are indicated at 47,000 and 46,600, while resistance levels are 48,300 and 48,500. (The author is AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates Ltd)
