Mumbai, June 4: Nifty soared by 733 points in Monday's trading session, buoyed by bullish sentiment. Analysts suggest that if Tuesday's election results exceed expectations, the headline index could breach the 24,000 mark.
The prevailing market dynamics indicate that bulls are firmly in control, leveraging every minor dip to establish long positions. Nifty's support levels are currently identified at 23,200 and 22,950-23,000, while immediate resistance lies at 23,350 with the subsequent hurdle at 23,500, as highlighted by Tejas Shah of JM Financial & BlinkX.
Open Interest (OI) data reveals that the call side witnessed the highest OI at the 23,500 strike price, closely trailed by the 24,000 level. Conversely, the highest OI on the put side was recorded at the 23,000 strike price.
