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Following yesterday’s huge red candle, Nifty bounced back from its 50 DMA. It was a broad-based recovery with contributions from all sectors barring financial. However, the highlight was the remarkable rally by the small and mid-cap indices. Nifty is in a zone of uncertainty as it is yet to cross the halfway mark of yesterday’s candle. On the upside, there is a dynamic resistance of 21-EMA followed by resistance at 22,300. Bullishness will return if it crosses above 22,300. On the downside, the zone of 21,900-22,000 is expected to be the demand zone.
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