Both indices rose about 0.5% each during the session, before reversing gains in the final hour of the trading session. "Nifty index has formed a double-top pattern on the daily chart, signalling a potential cautionary stance for traders. The resistance level is identified at 22,200, and a decisive break above this on a closing basis could invalidate the bearish outlook. Conversely, the support for the index is situated at 21,650, coinciding with its 20-DMA (20-day moving average). These do not represent the views of Economic Times)(You can now subscribe to our ETMarkets WhatsApp channel

Source: Economic Times February 05, 2024 16:11 UTC