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Nifty on Wednesday ended 17 points lower to form a high wave type candle on the daily chart. The index largely traded sideways and failed to generate any significant directional breakout.The short-term trend of Nifty continues to be up. Further consolidation or minor dip in the market is expected before showing further upmove. A sustainable move above the immediate resistance of 22,300 levels is likely to open the doors for the higher target of 22,600 levels in the near term. Immediate support is at 22,070 level, said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the call side, significant OI concentrations are observed at 22,500 and 22,600 levels, nearing all-time highs.What should traders do? Here’s what analysts said:Rupak De, Senior Technical Analyst, LKP SecuritiesBulls struggled to push Nifty above the 22,250 mark on a closing basis. Sentiment remains subdued as long as it stays below 22,250. A decisive move beyond this level could potentially propel Nifty towards 22,600 and beyond. Conversely, a failure to sustain above 22,200 might invite selling pressure in the market.Osho Krishan, Angel OneThe broader view remains intact with the bullish biases, but it seems really challenging to hold on to higher grounds with conviction. Hence, one is required to have a pragmatic approach of the ‘Buy on dips’ and ‘Sell on the Rise’ until we see a decisive participation of the bulls in carrying momentum. Simultaneously, the resilience of 20 DEMA is expected to act as a daunting task for the bulls in the near period, and an authoritative breach could only dictate the next leg of rally in the index. On the lower end of the spectrum, the support lies around 22,150-22,100, which is expected to cushion any intraday blips, followed by the sacrosanct support at 22,000 mark.Om Mehra, SAMCO SecuritiesNifty is forming an inverted Head and Shoulder pattern on the hourly chart, with the neckline remaining around 22,320; if crossed, expect a potential rally towards the 22,450-22,500 range. On the downside, immediate support is seen at the 22,080 level. The Relative Strength Index (RSI) continues to hover below the 50 mark, signalling short-term weakness in the market. Despite this, the index is likely to maintain its range-bound movement between 22,050 and 22,350 in the near term.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

NSE has suspended trading in Brightcom Group shares with effect from June 14, 2024, after the company failed to declare its quarterly earnings for two consecutive quarters ending September 30, 2023, and December 31, 2023.The suspension comes in accordance with market regulator Securities and Exchange Board of India (Sebi) Master Circular of July 11, 2023. The Master Circulars’ Regulation 33 governs the submission of financial results.In a circular issued by the exchange on Tuesday, NSE stated that trading in securities of Brightcom Group will remain suspended until the company complies with the above regulation. After 15 days of suspension, trading in the securities of non-compliant companies would be allowed on a trade-for-trade basis in the Z category on the first trading day of every week for six months.Shares of Brightcom Group fell to the intraday low of Rs 12.25, down by Rs 0.65 or 5.04%.On May 13, Monday, the stock plunged to its 52-week low of Rs 12.20 and has corrected by nearly a third from its 52-week high of Rs 36.45 on the NSE.The counter is currently trading below its 50-day and 200-day simple moving averages (SMAs) and has been very volatile trading with a 1-year beta of 1.4 over a 1-year period. Brightcom has been in the news for many wrong reasons recently. In February, Sebi issued confirmatory orders against Brightcom Group, restraining promoter-cum-chairman and managing director Suresh Kumar Reddy from holding any directorial positions until further notice. The company was also barred from dealing with the securities market.In August last year, the capital market watchdog passed a second interim order against Reddy, Raju, Sharma, and 21 other individuals for their alleged involvement in round-tripping of the company’s funds to falsely portray receipt of proceeds through preferential allotment of shares.In October 2022, Sebi received complaints pertaining to the funds raised by Brightcom Group through a preferential issue of shares/warrants during the FY19-21 period.The market regulator alleged that the group raised the money through preferential issues to entities that were directly or indirectly connected to it and that the money raised was given as loans and advances to its subsidiaries.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)