Indian benchmark indices were trading range bound amid volatility on May 15. In the afternoon trade, the Nifty trades mildly down 35 points to 22,181.
Analysts assess the near term support levels for the Nifty at 21,950-22,000 and 21,700-800 levels. They see resistance for the index at 22,200-250 levels on the upside.
Options data suggests meaningful call writing is witnessed across 22,400-22,500 strikes.
JM Financial: "We need to witness a decisive close above 22,200-250 levels for further strength in Nifty. Supports for the Nifty are now seen at 21,950-22,000 and 21,700-800 levels. On the higher side, immediate resistance zone for Nifty is at 22,200-250 levels and the next resistance
is at 22,500 Mark," said Tejas Shah, Vice president- Technical research.
ICICI Securities: “We expect Nifty to endure its positive bias and head towards upper band of consolidation placed at 22400. In the process, volatility would remain elevated amidst progression of election phases coupled with Q4 earning season. Thus, accumulating quality stocks on dips would be the prudent strategy to adopt as strong support is placed at 21700."
"For the day, 22500 Call strike holds sizeable OI which is expected to act as immediate resistance while on the downside 22000 is likely to act as support, " added the brokerage firm.
Among individual stocks, long build up is observed in Seimens, Oberio realty and Biocon. While short covering is seen in Astral, UPL and Birlasoft.
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