May 11, 2022May 11, 2022 0 Comments
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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