29th May 2024 | NIFTY CE Above 23200 | Trap Begins Suddenly

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NIFTY Prediction

Nifty experienced another day of consolidation. It started positively, but as the day went on, profit booking at higher levels pushed it down, ending the day with a loss of around 44 points. The daily charts show the Nifty consolidating within a narrow range around the 23,000 mark for the past three sessions. We anticipate this consolidation to persist until the May series expiry. The 23,000-23,500 zone may offer strong resistance on the upside, while on the downside, the Nifty could slip towards the 22,800-22,600 range.

BANK NIFTY Prediction

Bank Nifty saw profit booking at higher levels, closing down by around 140 points. After outperforming for three days, it showed signs of exhaustion at the top. We believe this is routine profit booking rather than a trend reversal, so we maintain a positive outlook on the Index. The key support zone is 49,000 – 48,500, while the immediate resistance is between 49,500-50,000 in the short term.

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