Nifty started the weekly expiry day on a positive note just below the resistance of 23500. However, it was unable to surpass this hurdle and it consolidated within a range throughout the day to end around 23400.
Nifty consolidated in a range as it traded around the resistance of 23500 and the lower time frame reading hinted at a time wise correction. However, the stock specific momentum was robust as the market breadth was positive and the midcap index outperformed to mark new record high. The broader trend for the Nifty remains positive, but it just seems possibility of a timewise correction (consolidation) to relieve the overbought set ups on the lower time frame charts.
The immediate supports are placed around 23200 and 23000 and any dips towards the support should be seen as a buying opportunity. On the higher side, the call writers position at 23500 strike makes it an immediate hurdle, which if surpassed then we could see a continuation of the trent towards 23900-24000 in the short term.
Traders are advised to trade with a positive bias and look for stock specific trading opportunities on the long side.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
| NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
| Support 1 | 23280 | 76500 | 49550 | 22200 |
| Support 2 | 23200 | 76200 | 49320 | 22140 |
| Resistance 1 | 23500 | 77300 | 50330 | 22430 |
| Resistance 2 | 23600 | 77500 | 50480 | 22470 |