The Nifty continued to hover below the psychological threshold of 22,500, as call writers at the 22,500 strikes notably augmented their positions. We anticipate support to hold steady around 22,400, as suggested by De. The strategy of buying on dips is likely to persist as long as the index maintains above this level. A clear breakthrough above 22,500 could stimulate buying activity, potentially propelling the index towards the 22,700 mark in the near term. In the event of a decline towards the range of 22,390 – 22,340, it is advisable to view it as a buying opportunity, as significant hourly moving averages are situated within this range, likely attracting buying interest. On the upside, the range of 22,570 – 22,600 is expected to serve as an immediate resistance zone from a short-term perspective.
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