#Nifty

For 02-05-2019

Support for Nifty comes at 11707-11672-11624
Resistance for Nifty comes at 11796-11856-11900

BankNifty

Support for BankNifty comes at 29700-29550-29435
Resistance for BankNifty comes at 29852-29930-30000




Nifty as mentioned is in a range. A small range of 11650-11760 and little large range of 11550-11856. A break out is iminent in this month. Nifty is forming a bullish continuation diamond pattern on hourly charts. Daily close above 11760 will confirm this pattern for an eventual target of 11960-12150. And My guess is that this target will come before 23 May.

Nifty if closes below 11650 then this pattern will not be valid, but still in this case 11550-11450 is very important support level. Only below 11450 we can think of downtrend.

BankNifty is also forming a range of 29500-30000. I was expecting a break out from this range but today failed due to abnormal move in Yes Bank, Indusind Bank and SBI.
If BankNifty can break above 30000 then a retest of 30600 is very likely. On the other end break below 29500 will be bearish sign.





Disclosure: I do not hold any position in Nifty and BankNifty Futures.