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Published on 22/05/2020 12:01:27 PM | Source: Swastika Investmart Ltd

We can expect a short-covering rally towards 19000 level - Swastika Investmart

Posted in Market Outlook| #Market Outlook #Swastika Investmart Ltd

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Technical Outlook:

Nifty (Spot):

Nifty has an immediate support zone of 9030-9000 and if Nifty manages to hold this zone then we can expect further upside where 9180/9236/9350 will be next resistance levels while if Nifty slips below 9000 level then there is a risk of further downside towards 8800/8700 levels. Traders can try long positions around 9030 with SL below 9000 level.

 

Banknifty (Spot):

Banknifty has a very weak texture where 17500 is acting as immediate support, below this we can expect further selling pressure towards 17000/16500 levels. In the upside 18200-18300 is an immediate resistance zone, if it manages to trade above 18300 level then we can expect a short-covering rally towards 19000 level

 

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