Tech View: Nifty 50 in consolidation mode; what’s the trade set-up for next week? 

The Nifty 50 ended flat as the Reserve Bank of India’s policy announcements had no major fireworks. The index ended at 22514 points, and on the daily chart, it’s suggesting that the index is consolidating after a sharp run-up, which is a healthy sign.

“We expect the consolidation to breakout on the upside and thus minor degree corrections should be bought into. On the upside, we expect levels of 22,700, which is the upper end of the rising channel. On the downside, crucial support is placed at 22,400–22,350,” said Jatin Gedia, technical analyst at Sharekhan by BNP Paribas.