Stock market experts say that the immediate resistance zone for Nifty is the level of 22800 and after this it will be more difficult to cross the level of 23000.
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| NIFTY 50 forms shotting star Pattern |
On Tuesday, Nifty closed on weakness by 39 points. On Tuesday, Nifty has formed a shooting star pattern on the daily chart, from this it is understood that there may be further weakness in Nifty from the current level. The short term moving average of Nifty is just below the price action and is in a position to support Nifty if it weakens. Now support is being formed for Nifty at the level of 22500 and 22 350. If we talk about the higher side, the resistance zone for Nifty is being formed near the level of 22750 to 22800.
Talking about the call side of Bank Nifty, the highest open interest is around the level of 50000 which can be its resistance level. On the put side, open interest in Bank Nifty is at the level of 49000 where good support can be seen for it. There is no work in the stock market on Wednesday because it is a holiday on the occasion of Maharashtra Day.
Stock market experts say that selling pressure is being seen in Nifty at higher levels, due to which it is not able to cross the resistance zone. The 20-day Simple Moving Average and 50-day Simple Moving Average remain below the index value, which shows that there is a bullish trend in Nifty in the short and long term.
Difficult to cross 23000 level
Nifty may face a lot of trouble in crossing the level of 23000. Stock market experts say that the immediate resistance zone for Nifty is the level of 22800 and after this it will be more difficult to cross the level of 23000.Ups And Downs Till Election Result
Experts say that Nifty can function between 22300 to 22800 till the results of Lok Sabha elections are announced. If we analyze the put option of Nifty, then it can be understood that the open interest concentration is around the level of 22500. It can be understood that Nifty has got a lot of support at this level. Important open interest concentration is formed on the call side around 22800 and 23000 levels.
Bank Nifty Call and Put Options
Talking about the call side of Bank Nifty, the highest open interest is around the level of 50000 which can be its resistance level. On the put side, open interest in Bank Nifty is at the level of 49000 where good support can be seen for it. There is no work in the stock market on Wednesday because it is a holiday on the occasion of Maharashtra Day.
Selling coming at higher levels
Stock market experts say that selling pressure is being seen in Nifty at higher levels, due to which it is not able to cross the resistance zone. The 20-day Simple Moving Average and 50-day Simple Moving Average remain below the index value, which shows that there is a bullish trend in Nifty in the short and long term.
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