Market Setup for the 12th of May: Technical Levels to Watch

Technical View on Nifty

  • Nifty has seen some major volatility throughout the day that nifty once made a low of 15992 but recovered from that level and closed at 16167.10 with the loss of 72.95 points.
  • Market breadth is very fierce as mid-cap and small-cap are correcting 10-20% in a day so we suggest booking profit/loss and wait for the market to stabilize before entering in any positions.
  • Support- 15950-16000
  • Near term Resistance- 17250-17300
  • major support- 15750-15800

Technical View on Bank Nifty

  • Bank nifty closed near day high showing strength led by HDFC, axis, and Kotak bank. if nifty opens above 34800 and sustains we can see 35100-35150 level.
  • The major support level will be 34000-34100
  • Resistance level- 35200

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