The Nifty closed with a gain of 27 points, forming a modestly optimistic candlestick on the daily chart, while maintaining a consolidation phase within the range of 22400-22600 levels.Maintaining its position above the 20 and 50-day Simple Moving Averages (SMA) is a positive indication for the index. With the 14-day Relative Strength Index (RSI) at 56.38, showing a rising trend and not indicating an overbought condition, the scenario appears encouraging. Once the resistance at 22600 levels is surpassed, the uptrend is expected to regain momentum. According to Subash Gangadharan of HDFC Securities, crucial support levels now lie at 22404.
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