Data hints at bullish setup, Nifty headed for 23,560 & 23,890: Experts
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Most technical charts and options data hint at a bullish setup. According to technical analysts, Nifty is expected to continue its upward trajectory towards 23,560, followed by 23,890, with immediate support at 23,000. Analysts suggest Tata Motors, UltraTech Cement, Sun Pharma, McDowell, UBL, ITC, Marico, HUL, Tata Consumer, and Lupin for short-term trading. SHILPA ROUT, AVP - DERIVATIVES RESEARCH, PRABHUDAS LILLADHER Where is the Nifty headed this week? Markets witnessed very strong whipsaws last week, with a massive correction that gave participants an unprecedented dip. However, ending the week with higher highs has restored hope among the Bulls. Options chain reflects strong immediate support at the 23,000 zone, indicating very aggressive Put writing. Meanwhile, 24,000 Call writers are holding maximum positions. This suggests a broad trading range for the week, hinting at a bullish setup. FIIs’ longs continue to remain on the lower en...