Technical Analysis of Indian Markets
As discussed earlier Nifty has filled the Gap and after that, a bullish movement was seen on Friday i.e. 21st May’21.
It successfully broke and sustained above 15122–15130 levels and now it is heading towards the target of 15254–15430 (i.e Next immediate Resistance zone).
The options data analysis clearly shows that the immediate Resistance is at 15500 and the support is at 15100.
So it’s indicating that the bullish trend will continue in Nifty.
Bank Nifty has also made a strong reversal pattern breakout @34350–34380 (Resistance Zone/Reversal zone).
Closing above these levels also indicates a bullish move in Bank Nifty for the upcoming week and now the immediate Resistance as per the charts is at 35940 which is approx. 1300 Points from the current levels.
And as per the Options data, immediate resistance is at 35000 and support @34500.
We are expecting a better move in Bank Nifty as compared to Nifty.
Also, there are high chances that Nifty will make a new All-Time High considering the option chain analysis but there will be definitely some profit booking at 15430–15450 levels before moving to a new All-Time High.
Note:- This is the analysis by our team & not a piece of advice.