Nifty has to hold 23800 for upmove

Option data suggests a broader trading range in between 23400 to 24300 zones while an immediate range between 23700 to 24200 levels

- Motilal Oswal Team

Nifty Index opened positive and witnessed buying interest right from the start of the session and the index surged to 23956 zones. It moved by 600 points to cover the losses of the last five sessions and gave a sign of relief after continuous selling. It formed a bullish candle on the daily frame and closed with gains of around 560 points. It formed a bullish candle with a longer lower shadow on the weekly frame, which indicates buying visible at lower levels. Now it has to hold above 23800 zones for an up move towards 24250 then 24350 zones, whereas supports are placed at 23750 and 23500 zones.