Market Setup for the 24th of May: Technical Levels to Watch

Technical View On Nifty

  • Nifty again failed to cross the 16400 level which has the highest call side open interest. We have seen some selling from days high in the second half of the trading session.
  • Near-term support in nifty is at the 16100-16150 level.
  • Go long once cross the 16400 level and go short below 16050-16000 level.
  • We will remain positive unless nifty is trading above the 16000 level.
  • Nifty PCR at 0.95 which is neutral.

Technical View On Bank Nifty

  • Bank nifty from the opening session started showing strength as all the private banks were trading on a positive note especially Kotak, icici, and axis bank.
  • Bank Nifty sharply decline after making a high of 34819 which was a resistance.
  • immediate support is at 34000-34050 if broke that level we can witness we can expect a downside till 34600-34700.
  • If cross above 34800 we can see 35100-35150 level on the upperside.

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