Market Setup for the 11th of May: Technical Levels to Watch

Technical View on Nifty

  • Nifty closed with the loss of just 60 points but fell around 160 points from the high level of 16404 after the first half of the day. Market breadth was very negative as midcap and small-cap fell by more than 1.5%.
  • As you can see on the chart nifty is not crossing the 16400 level which will work as resistance for the coming days.
  • Resistance level- 16350-16400
  • Support level- 16150-16200
  • Sell below 16150 for the target of 15950-16000
  • Buy above 16400 for the target of 16500-16600

Technical View on Bank Nifty

  • Bank Nifty shows resilience compared with the major banks trading positively help bank nifty to close with the gain of 200 points.
  • Bank nifty fail to cross the previous high of 34750-34800 and fell around 350 points from the high of 34781 level.
  • Support level- 33950-34050
  • Resistance level- 34800-35000
  • Buy above 34800 for the target of 35150-35200
  • Sell below above support level

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