nifty banknifty

nifty

Support Zone 21931-21840
Resistance Zone 22438-22493

banknifty

Support Zone 47313-47100
Resistance Zone 48245-48302

A long build-up was seen in 66 stocks, including Birlasoft, Shree Cement, Oberoi Realty, ABB India, and Marico.
The momentum, which has picked up pace, especially after hitting the low around 21,800 and continued for three days in a row, is expected to be seen in the coming sessions too. The Nifty 50 inched closer to 22,300 on May 14 and the same is expected to be a hurdle on the higher side as closing above the same can take the index to 22,400-22,500, with support at 22,100-22,000 levels, experts said.

The higher high, higher low formation, defending the rising support trendline and the uptrend in momentum indicator RSI (relative strength index rising to 47 from 38 levels on May 9) are some of key factors that supported the momentum.

On May 14, the BSE Sensex rallied 328 points to 73,105, while the Nifty 50 rose 114 points to 22,218 and formed a bullish candlestick pattern on the daily charts.

"On intraday charts, it is holding higher bottom formation, which is largely positive. We are of the view that the index has completed one leg of pullback rally and now 50-day SMA or 22,300 would act as key resistance areas for the bulls," Shrikant Chouhan, head equity research at Kotak Securities said.