nifty banknifty
nifty
Support zone 22404-22224
Resistance Zone 22705-22802
banknifty
Support Zone 48114-47899
Resistance Zone 49390-49688
Considering the high volatility ahead of exit polls due on June 1 and Lok Sabha election results on June 4, experts advised participants to avoid making aggressive bets on either side in the initial days of the new series.
Market Trend
The market fell below multiple supports and closed nearly a percent lower on May 30, the final day of expiry for May Futures & Options contracts. It tested even the 20-day SMA (Simple Moving Average) as well as the 50 percent Fibonacci retracement of the recent rally (from 21,821 to 23,111) during the day but managed to defend both levels at close. Experts see some possibility of the index rebounding from these levels, as these generally act as key support areas, and may test the resistance of 22,700-22,800. However, if it fails, then 22,400 is the immediate support to watch, followed by 22,300. Considering the high volatility ahead of exit polls due on June 1 and Lok Sabha election results on June 4, experts advised participants to avoid making aggressive bets on either side in the initial days of the new series.
The Nifty 50 closed below 22,500 for the first time since May 17, declining 216 points or 0.95 percent to 22,489 with above-average volumes. It formed a bearish candlestick pattern with upper and lower shadows on the daily timeframe.
However, the Bank Nifty outperformed the Nifty 50 as it rebounded from near the 20-day SMA and now traded above all key moving averages. The index rose 181 points or 0.37 percent to 48,682 and formed a bullish candlestick pattern with an upper shadow on the daily charts. The index may face a hurdle on the higher side at the 49,000 mark, and support on the lower side is at 48,300, followed by 48,000, experts said.
Support zone 22404-22224
Resistance Zone 22705-22802
banknifty
Support Zone 48114-47899
Resistance Zone 49390-49688
Considering the high volatility ahead of exit polls due on June 1 and Lok Sabha election results on June 4, experts advised participants to avoid making aggressive bets on either side in the initial days of the new series.
Market Trend
The market fell below multiple supports and closed nearly a percent lower on May 30, the final day of expiry for May Futures & Options contracts. It tested even the 20-day SMA (Simple Moving Average) as well as the 50 percent Fibonacci retracement of the recent rally (from 21,821 to 23,111) during the day but managed to defend both levels at close. Experts see some possibility of the index rebounding from these levels, as these generally act as key support areas, and may test the resistance of 22,700-22,800. However, if it fails, then 22,400 is the immediate support to watch, followed by 22,300. Considering the high volatility ahead of exit polls due on June 1 and Lok Sabha election results on June 4, experts advised participants to avoid making aggressive bets on either side in the initial days of the new series.
The Nifty 50 closed below 22,500 for the first time since May 17, declining 216 points or 0.95 percent to 22,489 with above-average volumes. It formed a bearish candlestick pattern with upper and lower shadows on the daily timeframe.
However, the Bank Nifty outperformed the Nifty 50 as it rebounded from near the 20-day SMA and now traded above all key moving averages. The index rose 181 points or 0.37 percent to 48,682 and formed a bullish candlestick pattern with an upper shadow on the daily charts. The index may face a hurdle on the higher side at the 49,000 mark, and support on the lower side is at 48,300, followed by 48,000, experts said.
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