Gaurav Udani, Founder, Thincredblu Securities, on today's market outlook:
"Nifty is expected to open around 22,535, up by nearly 115 points, indicating a strong gap-up start. After the recent weakness and the index closing around the important 22,500 zone, this recovery is encouraging, but sustaining the gains will be important.
The immediate support is around 22,450–22,500, while 22,750–22,850 will act as the first resistance zone. If Nifty sustains above 22,850, the recovery can extend towards 23,000. However, I would avoid chasing the opening move and instead look for buying opportunities on dips if the index holds the key support zone.
The broader trend remains cautious, and a sustained move above 23,050 would be required for a meaningful improvement in the near-term setup. Until then, volatility and sharp intraday reversals cannot be ruled out."
