13th May 2024 | Nifty may look good above 22500 | Weak below 21900

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NIFTY Prediction

Nifty remained confined within a tight range and eventually closed at 22055. The index exhibited an inside bar candlestick pattern. Therefore, if it maintains yesterday’s low of 21,932, a rebound might occur, although it’s advisable to consider profit-taking. Looking ahead, 21,800-21,500 is anticipated to serve as crucial support, while 22,300-22,500 is identified as significant resistance.

BANK NIFTY Prediction

Bank Nifty started positively, hitting 47,868, but ended flat to negative at 47,421 amid strong selling pressure. Last week’s shooting star candlestick was followed by a bearish engulfing this week, signaling weakness. If the index stays below 48,000, weakness may persist. Key support lies around 47,500-47,000, with resistance at 48,000-48,500.

Breakout Stock for Today (Future, Option & Swing Trading)

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