Technical Indicators Point to Further Market Weakness Ahead; Nifty May Find Support at 22,200-22,300
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Market trends indicate further weakness ahead based on technical indicators and patterns like shooting star formation, negative divergences, etc. Nifty may find support around 22,300-22,200 and face resistance at 22,750-22,800.
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On daily and weekly charts, negative candlestick patterns like long bearish candles and shooting stars signal a potential trend reversal after record highs.
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Bank Nifty saw significant selling pressure, breaking support levels. Immediate support now at 48,000 where high put OI is seen. Resistance at 49,000.
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Maximum call OI seen at 22,700 and 23,000 strikes, indicating potential resistance levels. Maximum put OI at 22,200 strike, a likely support area.
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Technical indicators and patterns for 26 stocks show long build-up, for 43 stocks show long unwinding, reflecting mixed bias ahead.