Rupak De, Senior Technical analyst at LKP Securities said the mood will remain upbeat as long as the Nifty stays above 20,000 and will weaken only if there’s a drop below 20,000. In his view, the Put writers will defend this level. For traders, a buy-on-dips strategy is recommended, he said, estimating the resistance at Rs 20,200-20,230. If this level is breached, the index could potentially move towards 20,450-20,500, De opines.
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