The Nifty 50 bulls extended their winning streak for another session despite elevated oil prices, with the index rising half a percent to climb above the psychological 23,000 mark on October 30. The index continued to trade well above its short-term moving averages, while improving momentum indicators provided further support to the rally. According to market experts, the 22,800-22,900 range is expected to act as a crucial support zone. As long as the index sustains above this level, a further rally towards 23,200, the October swing high, cannot be ruled out. Beyond that, the 23,500-23,600 range is likely to emerge as the next crucial resistance zone.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 23,107, 23,157, and 23,238
Support based on pivot points: 22,944, 22,894, and 22,812
Resistance based on pivot points: 54,965, 55,080, and 55,266