Nifty hits the milestone of 22000

Nifty started the week positively and surpassed the 22000 mark at open on the back of positivity in IT stocks post their quarterly results. The Banking and the Oil & Gas space also picked up momentum during the later part of the day and hence, with the participation from the index heavyweights, Nifty ended the day around 22100 with gains of almost a percent.
 
Our markets have been continuing its uptrend supported by the index heavyweights and the Nifty index reached another milestone of the 22000 mark for the first time. FII’s have over 60 percent of the positions in the index futures on the long side and the technical readings also hint at a positive momentum. In the options segment, the 22000 put option has seen a rise in open interest for the weekly series, while in call options the high open interest is at 22500 followed by 22300 strikes. The index has been trading in a ‘Rising Channel’ and the higher end of the pattern is seen at the 22250-22300 zone. Thus, the index could continue its momentum as some index heavyweights have been leading. On the lower side, 21900 and 21830 are the immediate support levels for the index. Traders are advised to continue to trade with a positive bias toward the primary trend and look for stock-specific buying opportunities.