Tech View: Nifty inching closer to record high. What should traders do on Thursday expiry

economictimes.indiatimes.com:

Nifty today ended 69 points higher to form a bullish candle with a long tail, indicating strong buying interest. The index is now making a higher high on both daily and weekly charts.

Nifty is holding its position above the previous resistance zone of 22,590, which is now acting as a crucial support level. Immediate support is seen at 22,500, suggesting that any minor pullback could present a buying opportunity at this level. If the upward momentum continues, the index might move towards 22,750, with the potential to breach its all-time high of 22,794.70, said Om Mehra of SAMCO Securities.

An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,500 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 23,000 and 23,100 levels.

What should traders do? Here’s what analysts said:

Rupak De, LKP Securities

Nifty continues to trend bullishly, finding support at 22500. The index has been moving higher within a rising channel. The trend is likely to remain strong as long as it stays above 22,500. On the higher end, the index might move towards 22,800 in the short term, with immediate support at 22,600. A dip below 22,600 might briefly take the index towards 22,500.

Shrikant Chouhan, Kotak Securities

Higher bottom formation on intraday charts and positive consolidation on daily charts suggesting strong possibility of a further uptrend from the current levels. For trend-following traders, 22,500/73,900 would act as a key