Pre-market analysis friday: Considering the solid recovery from the day’s low in the last hour of trade and the decisive surpassing of 22,300 levels on May 16, the market seems to have turned strong after a day of consolidation. The Nifty 50 is likely to head towards 22,500-22,600 levels, provided 22,300 acts as a support in the coming sessions, experts said.

The Nifty 50 maintained a higher highs formation with above-average volumes on the weekly F&O expiry session and is now trading above all key moving averages. Additionally, the momentum indicator RSI (relative strength index placed at 53) gave a positive crossover, which are all positive signs.

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Pre-market analysis Friday

Pivot point-based resistance: 22,441, 22,530, and 22,674

Pivot point support: 22,153, 22,064, and 21,919

Unique formation: With a positive crossover in the RSI, the index maintained its higher highs and higher lows formation for the third consecutive session.

See also: Trading Plan: Can Bank Nifty and Nifty continue their upward trajectory?

2) Important points about the Bank Nifty

Pivot point-based resistance: 48,062, 48,230, and 48,503

Pivot point-based support: 47,518, 47,350, and 47,078

Fibonacci retracement-based resistance: 48,128–48,480

Fibonacci retracement-based support: 47,645–47,517

Unique formation: The Bank Nifty made significant progress toward the 48,000 mark on Thursday, the index’s major barrier. The Bank Nifty also maintained its higher highs and higher lows formation for three days in a row, with the momentum indicator RSI (49.69) displaying a positive crossover.

Read more: Pre-market analysis for Wednesday