Nifty & Bank Nifty Levels to Watch this Week

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Nifty & Bank Nifty Levels to Watch this Week

May 23, 2022

The week gone by was a volatile one, filled with gap-up and gap-down openings.

Despite this, the bulls managed to close the week in the green with the Nifty gaining 3.1% and the Bank Nifty gaining 3.5%.

The Nifty & Bank Nifty index gained 2.9% each on Friday while the US markets fell to their 63 week lows. The Dow Jones hit a low of 30,635.

The SGX Nifty on Friday evening fell back below the 16,000 mark to the low of 15,949 but ended at 16,171. Today morning, it was trading at 16,250 at 9:00 am IST.

Will the bullish momentum continue this week?

The last week's high and gap area in both the indices will be crucial this week for the bulls.

Nifty & Bank Nifty Levels to Watch

 

The gap is placed at 16,484-16,651 for Nifty and 35,130-34,800 for the Bank Nifty. These levels will act as major hurdles for bulls this week.

The bullish hidden divergence on weekly charts of Nifty and Bank Nifty indicates a short covering rally in the expiry week.

If bulls manage to cross these hurdles, the target of 17,230 and 37,000 can be on cards in June for Nifty & Bank Nifty respectively.

At present, the Bank Nifty index is trading up by 0.4% at 34,400 levels. From the Bank Nifty index, AU Bank, Kotak Mahindra Bank, and Bandhan Bank are the top gainers.

Meanwhile, the Nifty is trading at 16,270. Maruti and M&M are the top gainers today while metal stocks including Tata Steel and JSW Steel are dragging the index lower.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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