Nifty Banknifty

Nifty

Support Zone 22794-22642
Resisatnce Zone 23038-23110

Banknifty

Support Zone 48494-48201
Resistance Zone 49688-50000

The Nifty 50 lost ground in the last hour of trade amid consistent volatility, maintaining a downward move for the third consecutive session on May 28. The index failed to surpass 23,000 and closed just below 22,900. Market participants preferred to book profits, and bulls seem to be cautious given the rising volatility to a fresh two-year high. Even the chart formations indicated the exhaustion of bullish strength, which might attract a price-wise correction post-rally, experts believe. On the levels front, 23,000 is expected to be a crucial hurdle for the index as it needs to give a strong close above this level for a rally towards 23,100-23,200. Until then, consolidation may continue with immediate support at 22,800, and then 22,600 levels.

The Nifty 50 fell 44 points to 22,888 and formed a bearish candlestick pattern on the daily charts, with a lower high-lower low formation. Meanwhile, the Bank Nifty saw a correction for the first time in the last four consecutive sessions, declining 140 points to 49,142 on profit booking. The index saw a bearish candlestick pattern on the daily timeframe, but experts feel overall, the trend remains in favour of bulls, and one should not be worried due to Tuesday's profit-taking, which was on expected lines after the recent rally.