“Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty support at 18200, resistance at 18500
“NSE Nifty 50 remained volatile during the day but found support at the 18200 level before moving higher. The RSI is in a bullish crossover on the lower timeframe, which suggests that the momentum is in favour of the bulls. On the higher end, resistance is seen at 18500. Support is seen at 18200. Overall, the outlook for the market is positive, but there is still some volatility to be expected. Traders should take profits on rallies and look for opportunities to buy on dips,” said Rupak De, Senior Technical at LKP Securities.
Bank Nifty support at 43400, resistance at 44000
“The fight between the bulls and bears continues in the Bank Nifty Index. The bulls have been trying to push the index higher, but the bears have been successful in keeping it in check. The monthly expiry on May 25 witnessed volatile trading, but the index managed to hold the support of 43,400. This is a positive sign for the bulls, as it shows that there is still demand for the index at this level. The resistance is at 44,000, where the highest open interest is built up on the call side. This means that there is a lot of potential for the index to move higher if it can break through this resistance level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
