Trade Setup For Oct 6: Nifty Resistance At 22,600 As Bearish Momentum Pauses
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- ✓Indian equities ended higher on Monday as easing US rate hike expectations improved investor sentiment.
- ✓Analysts said 22,600 is the immediate resistance for Nifty.
- ✓“A sustained breakout above this level would strengthen the recovery structure,” said Ponmudi R.
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- India Economy
Indian equities ended higher on Monday, extending their recovery after a strong gap-up opening as easing expectations of an immediate US Federal Reserve rate hike and a pullback in crude oil prices improved investor risk appetite. However, technical indicators suggest that the broader corrective trend remains intact, with analysts highlighting 22,600 as the immediate resistance level for the Nifty.
“On the daily chart, Nifty formed a small-bodied candle with upper and lower wicks, reflecting indecision and a pause in the ongoing bearish momentum,” said Sudeep Shah, Vice President - Technical and Derivatives Research at SBI Securities.
According to Ponmudi R, CEO of Enrich Money, 22,600 remains the immediate resistance zone for the Nifty. “A sustained breakout above this level would strengthen the recovery structure and could open the way towards the 23,000 region,” Ponmudi said.
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