In this post we will be analyzing range of Nifty 50 & Bank Nifty using our technical setup.
Nifty Daily Analysis
NIFTY 50 is showing no sign of weakness and in fact, it closed at day high on the last trading session (Friday). If the same momentum will continue we can easily see 10330 levels.
Update on Monday opening: Opening was strong at 10300 but we have resistance at 10330 as suggested earlier.
Sideways movement till 2pm is likely and then we can start a trend on upside (more probable) but should stay cautious with long positions.
Nifty 15M Analysis
Nifty was having immediate resistance near 10150-10180, due to the gap which was unfilled. Most probably this gap is likely to get filled and we can see 10300-10330.
Jun series has started the trading sessions with a decrease in Volatility and an increase in buying by FIIs.
If the same trend will continue we can easily see 10500 levels by this expiry.
Bank Nifty 1Hr Analysis
Bank Nifty has a upside resistance at 22K, above 22k, 23K is possible.
We have already seen good rally of 20% in BankNify. Therefore it is better to avoid shorts and look for buying opportunity on dips.
FIIs have reduced their long position on Index but they still hold a good long position in stocks. Therefore, avoid shorts as the market is bullish. Booking profits at a good rise is advisable.