Nifty tests 22,550: Will the benchmark hit 22,000 before any meaningful reversal? Check key trading levels

Benchmark index Nifty was in firm bearish grip amid volatility on October 22 due to rising crude prices. At 12:19 am, the Sensex was down 631.33 points or 0.86% at 73,078.36, and the Nifty was down 221.95 points or 0.97% at 22,589.40. About 1,191 shares advanced, 2,584 shares declined, and 173 shares were unchanged. Nifty's day's low was 22,554.85. Where are markets headed? "Nifty has support at 22,500-22,400 levels being the 80% retracement of the last two weeks pullback 22,180-23,175. A breach below 22,400 will negate the last two weeks pullback and open downside towards recent low of 22,180. "On the higher side key level to watch is Monday's high of 23,175, only a move above the same will signal pullback towards 23,300 and 23,500 levels in the coming weeks," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking. "For day traders, the 20-day SMA (Simple Moving Average), along with 22,800/73,700 and 22,750/73,500, would act as key support zones. If the market sustains above these levels, it could move towards 22,950-23,000/74,000-74,500. Conversely, selling pressure is likely to increase below 22,750/73500, which could push the market towards 22,650-22,500/73000-72800. Given the current volatility, level-based trading would be the preferred strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Neo. "Immediate support is placed at 22,650, followed by 22,500, while the recent swing high of 23,175 may act as near-term resistance," said Devarsh Vakil, Head of Prime Research at HDFC Securities. "The near-term outlook remains defensive, with weak price action in Nifty and Bank Nifty keeping recovery attempts under pressure. Although FIIs and DIIs both turned net buyers, the improvement in institutional flows has yet to translate into stronger market momentum," said Deepesh Sarawagi, Technical Research Analyst, at Choice Broking Private Limited.

Nifty tests 22,550: Will the benchmark hit 22,000 before any meaningful reversal? Check key trading levels

Related Articles

Trade Setup for November 4: Top 15 things to know before the opening bell

Markets extend gains for fourth day; FPI buying highest in a year

Taco Bell sales fall more than expected on cyclosporiasis outbreak hit

Trending Now

Latest News

Related Articles

Trade Setup for November 4: Top 15 things to know before the opening bell
Nifty 50 may be reclaiming its 200-day EMA, placed around 23,900, in the coming sessions. A sustained move above this le…

Markets extend gains for fourth day; FPI buying highest in a year
Nifty up 1.6% on favourable earnings, festival demand

Taco Bell sales fall more than expected on cyclosporiasis outbreak hit
Yum Brands faced a setback in the third quarter as Taco Bell reported declining sales, primarily due to a cyclosporiasis…