Nifty bulls need to keep an eye on these two key levels, show charts

Meanwhile, if the Bank Nifty closes above 45,150 it would indicate fresh strength, says Ravi Nathani, an independent technical analyst.

Nifty 50 Index

The Nifty 50 Index is currently trading at a CMP (Current Market Price) of 19,564.50. The recent close at a new all-time high suggests a bullish trend on the charts and indicates that the index is performing well in the near and short term.

There are two important levels to watch out for. The first level is at 19,436, which should be considered a strict stoploss for near-term positions. The second level is at 19,150, which serves as a strict stoploss for all bullish swing players.

A close below 19,436 would be considered a near-term breakdown, signaling bearish momentum in the near term. The next support level would be around 19,150. If the index closes below 19,150, it would trigger short-term bearish positions, with further support expected at 18,900 and 18,500.

 

On the other hand, if the index continues to make new highs, the next expected resistance levels would be between 20,136 and 20,181. These levels may act as barriers to further upward movement in the index. By these levels being aware of key support and resistance levels, traders can manage their risks and make informed trading decisions.

Nifty Bank

The Nifty Bank is currently trading at a CMP (Current Market Price) of 44,819.30. The near-term trend for the index is bullish, indicating a positive sentiment in the market. Strong support is expected around the level of 44,500, and it is recommended to treat this level as a strict stoploss for all bullish positions.

If the index closes below 44,500, the next support levels to watch for are 44,225 and 43,800. For swing traders looking for buying opportunities, the range of 43,850 to 43,610 is considered to be the best buying zone. This area provides a favorable entry point for traders aiming to capture potential upward price movements.

On the other hand, if the index closes above 45,150, it would indicate significant strength for the bulls. In such a scenario, the next resistance levels to watch for would be at 45,650, 45,900, and 46,325. These levels may act as potential barriers for further upward movement in the index. It is important for traders to closely monitor the price action and adjust their trading strategies accordingly.

(Ravi Nathani is an independent technical analyst. Views expressed are personal).