The stock market highlights: the elegant declining pattern, eyes 23,800 bullish levels. How to trade on the budget day

A long bull candle has been formed on the daily chart that exceeded 23,400 levels and closed higher. Technically, this procedure on the market indicates a significant change in direction and signs to the emergence of a strong higher momentum.

It seems that the downward pattern of the lower top and calm last month was reflected, as NIFTy closed higher than the last bottom of January 21 at 23426 level. This is a bullish development, and in the end, we can see the formation of higher peaks and higher conflicts. The primary trend of elegant remains strong. After it exceeded the obstacle of 23,500 levels, the bulls can advance to another resistance from 23,800 levels in a short period of time. Nagraj Shetty said immediate support is 23,400 levels.

In open interest data (OI), the highest OI was observed on the side of calls at a price of 23,500 and 23600 strike prices, while the highest OI level was at 23,500 strikes followed by 23400.