Market Setup for the 22nd of May: Technical Levels to Watch

Technical View on Nifty

  • Nifty showed some wild moves in last week’s trading session with big Gap-up and big Gap-down opening but closed on a positive note after 6-week losing streak.
  • Now resistance on the upper side to watch will be16400-16450.
  • We can see an upside rally up to 16650-16700 once closed above 16400.
  • Immediate support level- 16150-16200.
  • Major Support level- 16000,15800,15750

Technical View on Bank Nifty

  • Bank Nifty rose by around 1000 points in the Friday session but still major banks trading in negative territory.
  • Upside till 34750-34800 if open positive.
  • Minor support level- 33500-33600.
  • Major support level- 32000-32050.

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