The market is an uncharted territory. The 9,620 and 9,735 levels may pose resistance.
9,525 and 9,580 will act as immediate resistance while supports will be at 9,470 and 9,430.
As we enter the expiry of the May series, 9,380-9,400 zone remains critical to watch.
The 9,425 and 9,450 levels will continue to pose resistance going ahead.
No structural weakness is expected and the 9,380-9,400 zone will act as important pattern support in the short term.
Going by pattern analysis, there is formation of a sharp wedge on the close charts.
Overbought indicators and expiry week will dominate any bias the market may show.
The 20-year chart of Dollar Index shows why the unit will not remain perpetually weak.
The 9,450 and 9,485 levels will act as immediate resistance for the Nifty50.
The immediate resistance zone at 9,350-9,375 levels is now expected to act as support.
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