nifty banknifty
Nifty
Support Zone 22794-22679
Resistance Zone 23158
Banknifty
Support Zone 48493-48285
Resistance Zone 49174-49249
Experts feel that if the Nifty 50 manages to close decisively above the much-awaited 23,000 level, then 23,500 is the level to watch out for as the market approaches the general elections results due next month.
Market Trend
The mood at Dalal Street turned more upbeat on May 23 as the benchmark indices hit fresh record highs, with the Nifty 50 moving closer to the psychological 23,000 mark, partly led by short covering, although the market breadth was in favor of bears and the volatility remained high. The technical setup looks stronger with the index trading above all key moving averages and maintaining a formation of higher highs for the ninth consecutive session. Hence, experts feel that if the index manages to close decisively above the much-awaited 23,000 level, then 23,500 is the level to watch out for as the market approaches the general elections results due next month. The 22,800 level may act as immediate support, followed by 22,600 as a crucial support.
The Nifty 50 ended at a new closing high of 22,968, up 370 points or 1.64 percent on Thursday with above-average volumes, and formed a long bullish candlestick pattern on the daily charts, indicating strong buying interest.
Meanwhile, the Bank Nifty outperformed the Nifty 50, rising 987 points or 2.06 percent to 48,769, and forming a strong bullish candlestick pattern on the daily timeframe. It traded above all key moving averages now.
Support Zone 22794-22679
Resistance Zone 23158
Banknifty
Support Zone 48493-48285
Resistance Zone 49174-49249
Experts feel that if the Nifty 50 manages to close decisively above the much-awaited 23,000 level, then 23,500 is the level to watch out for as the market approaches the general elections results due next month.
Market Trend
The mood at Dalal Street turned more upbeat on May 23 as the benchmark indices hit fresh record highs, with the Nifty 50 moving closer to the psychological 23,000 mark, partly led by short covering, although the market breadth was in favor of bears and the volatility remained high. The technical setup looks stronger with the index trading above all key moving averages and maintaining a formation of higher highs for the ninth consecutive session. Hence, experts feel that if the index manages to close decisively above the much-awaited 23,000 level, then 23,500 is the level to watch out for as the market approaches the general elections results due next month. The 22,800 level may act as immediate support, followed by 22,600 as a crucial support.
The Nifty 50 ended at a new closing high of 22,968, up 370 points or 1.64 percent on Thursday with above-average volumes, and formed a long bullish candlestick pattern on the daily charts, indicating strong buying interest.
Meanwhile, the Bank Nifty outperformed the Nifty 50, rising 987 points or 2.06 percent to 48,769, and forming a strong bullish candlestick pattern on the daily timeframe. It traded above all key moving averages now.
Penafian
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