Market Outlook-Election Outcome Day 23rd May 2019 | Nifty Key Resistance-11900 & Bank Nifty 30750

Market Outlook-Election Outcome Day 23rd May 2019 | Nifty Key Resistance-11900 & Bank Nifty 30750

/ By : / Category : NIFTY & NIFTY BANK OUTLOOK

Nifty :

Index is reflecting multiple candlestick patterns on daily chart.  

  1. Tweezers Bottom Candlestick pattern along with Bullish Harami pattern which reflects that bulls are in control of market. If it trades below the 11682 low of Tweezers Bottom then will become volatile and can slip to its next support of 11585.
  2. Spinning Top on Wednesday closing reflects that market is in indecisiveness mode and it is following Dark Cloud Cover on Tuesday closing so market may make a temporary top. 

 

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Key Points to note:

  1. The Gap between 11426 & 11591 which was formed post Exit Poll is still intact which will give support to market.
  2. The option data suggest us that Market will move in range of 11500 to 12000 as per highest Open Interest buildup.
  3. You can also refer my Weekly Market Outlook here.

 

LTP @ 22nd May 2019: 11737.90

Major Support-1: 11670

Major Support-2: 11500

Major Resistance-1: 11830
Major Resistance-2: 11900

(Note: Whenever price closes below its Support level or closes above its Resistance level then further move in that direction will accelerate. If it does not then it is advisable to accumulate near to support & book the profit near to resistance level.)

                                                                                                               NIFTY 50

NIFTY OPTION DATA: 

Nifty option data suggests us that it can hover in between of 11500 to 12000.

                                         Open Interest Data

 

Nifty Bank :

Nifty bank is trading almost  in line to Nifty. It has its key resistance of 30,750.

LTP @ 22nd May 2019: 30526.80

Major Support-1: 30200

Major Support-2: 29500

Major Resistance-1: 30750
Major Resistance-2: 31000

(Note: Whenever price closes below its Support level or closes above its Resistance level then further move in that direction will accelerate. If it does not then it is advisable to accumulate near to support & book the profit near to resistance level.)

 

                                                                                                             Nifty Bank

 

BANK NIFTY OPTION DATA: 

Bank Nifty option data suggests us that it can hover in between of 29000 to 32000.

 

                       BANK NIFTY OPEN INTEREST DATA

 

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Disclaimer: 

Above details are my personal views on the Indices so please do your own analysis before doing any trade/invest.

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