IGI Logo

Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian benchmark indices ended on a negative note for the fifth straight session on May 30, with Nifty closing around 22,500. The Nifty opened with a gap down of 87 points, fell 288 points from the day's high, and closed near the day's low, settling at 22,515 with a loss of 190 points. This indicates that bearish pressure will continue in the market.

Overall, both indices appear bearish. If Nifty breaks the 22,500 support, the next support levels will be near 22,300-22,000. The levels of 22,800-23,000 will act as immediate resistance for Nifty. Bank Nifty formed a bearish candle on the daily chart with good volume, indicating that further bearish pressure will continue in the market. The 48,000 level acts as important support for Bank Nifty; if this level breaks, 47,600 will be the next support. On the flip side, 49,200 acts as immediate resistance.

India VIX was negative by 0.52 percent intraday and settled at 24.050. According to the OI data, on the call side, the highest OI is observed at the 23,000 strike price followed by the 23,500 strike price. On the put side, the highest OI is at the 22,000 strike price. Bank Nifty has support at 48,000-47,800 levels, while resistance is placed at 49,200-49,600 levels.

Above views are of the author and not of the website kindly read disclaimer