NIFTY 50- BANK NIFTY - INDICATE TODAY

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Nifty - Bank Nifty - Outlook today 30-05-24

According to the market analyst's prediction, the market is expected to continue operating in a similar manner as it has been for the past 10 days, until June 4th.

The Indian stock market has been volatile over the past several weeks due to the intense election fever. As example as on 13^th May Nifty open at 20027 and on 23^rd May it is closed 22967. Almost 940 point up within 10 Days.

According to the market analyst's prediction, the market is expected to continue operating in a similar manner as it has been for the past 10 days, until June 4th.

Today Outlook for Nifty – Bank Nifty.

Nifty- Outlook

Res1 – 22769 – 22811
Res2 – 22847 – 22893-934

Base1 – 22631 – 22574 is exact 20 DEMA
Base2- 22533-22505-488

Based on the prediction, there has been a cooling off below 22800 for the past 2 days, and yesterday, the 10-day moving average crossed.

There is a chance of a pullback to the 22,796 - 22,811 level at any time, but if the support zone of 22,575 - 22,505 is breached, it could signal further downward movement.

Bank Nifty- Outlook

Res 1 – 48664 – 48813
Res 2 – 49042 – 49163/210

As yesterday's short below base 1 is effective, base 2 was set at a low of 48,404.
Now 48500-800-49000 is a call writer zone. Huge call writer put their trade.

There is a noticeable concentration of PUT options around the 48,000 level. To take advantage of possible downward movements, it's best to sell on rises as long as we stay below 48,664 - 48,813.

These are the level for Nifty_Bank Nifty.

Note- Today in Bank Nifty Option even after a fall of 200 points, premium of put side, just increased by 35 points. It indicate strong time decay.