nifty
Support Zone 22055-21957
Resistance Zone 22307-22368
banknifty
Support Zone 47389-47124
Resistance Zone 47976-48302
The market is expected to remain consolidative unless and until it decisively surpasses 22,300, the key hurdle for the Nifty 50, in the coming sessions, but the mood at broader markets remain strong. The index is likely to march towards 22,500-22,600 area if it gives a strong close above 22,300 and manages to sustain above the same for few more days, while the 22,000 is going to be key support area and is unlikely to get broken in an immediate term, experts said.
On May 15, the BSE Sensex ended the volatile session on a negative note, falling 118 points to 72,987, while the Nifty 50 was down 17 points at 22,201 and formed bearish candlestick pattern with minor upper and lower shadows on the daily timeframe, indicating the choppy trade in the index. Both the indices had maintained upward journey in the previous three straight sessions.
"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," Osho Krishan, senior analyst - technical & derivative research at Angel One said.
Simultaneously, he feels the resilience of 20 DEMA (days exponential moving average placed at 22,300) 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
Support Zone 22055-21957
Resistance Zone 22307-22368
banknifty
Support Zone 47389-47124
Resistance Zone 47976-48302
The market is expected to remain consolidative unless and until it decisively surpasses 22,300, the key hurdle for the Nifty 50, in the coming sessions, but the mood at broader markets remain strong. The index is likely to march towards 22,500-22,600 area if it gives a strong close above 22,300 and manages to sustain above the same for few more days, while the 22,000 is going to be key support area and is unlikely to get broken in an immediate term, experts said.
On May 15, the BSE Sensex ended the volatile session on a negative note, falling 118 points to 72,987, while the Nifty 50 was down 17 points at 22,201 and formed bearish candlestick pattern with minor upper and lower shadows on the daily timeframe, indicating the choppy trade in the index. Both the indices had maintained upward journey in the previous three straight sessions.
"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," Osho Krishan, senior analyst - technical & derivative research at Angel One said.
Simultaneously, he feels the resilience of 20 DEMA (days exponential moving average placed at 22,300) 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
Trade closed manually:
Rejection From 47976
Sell Entry
target
Previous Swing Low(Yesterday Low)
Closed ...................
Sell Entry
target
Previous Swing Low(Yesterday Low)
Closed ...................