The last week saw the Nifty and the Banknifty move up by different percentages. While Nifty ended the week with a gain of 0.5%, Banknifty gained nearly 4%.
Nifty opened the week on 23rd May on a weak note and traded lower for the first three days and made gains during the last two trading days of the week closing at 16352.
The Banknifty the week started with it trading in a nominal range on Monday and Tuesday and rising more than 1000 points over the next three days closing at 35613.
Investors need to look at what direction are these indices likely to take this week. Let us look at what the next week holds in terms of price movement on the Nifty and the Banknifty for the week starting 30th May 2022.
Both the Nifty and Banknifty are more likely to trade higher and end the week higher than the previous week. Both the indices may also cross the 100 and 200 EMAs from below, indicating a bullish trend for the next few weeks.
Nifty is showing signs of moving towards higher levels

This week will determine whether the Nifty will close the gap formed on the charts and touch its next resistance level. If the upmove continues, it will be larger than a small retracement it would make if it started moving southward.
In the first case, if the Nifty continues its upward move, it will cover the gap on the charts and either cross the levels or close at the 17000 levels.
In the other case, Nifty would retrace and test the previous support level of 15850, which was the lowest point during the last week.
Nifty likely to cross the 100 and 200 EMA this week if it continues the upmove

Banknifty moved higher by about 4% during the previous week. It covered the gap made on the charts closed higher at 35613. It looks all set to test the next resistance level at 37000.
Banknifty has formed a clear support base and looks headed for towards next resistance

If the Banknifty does not continue its upmove and moves downward during the week, it will retrace the nearly 4% gains it made during the last week.
Banknifty is most likely to cross the 100 and 200 EMAs if it continues the upmove

This is an interesting week as we may get a crossover on the 100 and 200 EMAs on both the indices. Probably, both the indices are likely to head higher by the end of the week, if there are no negative cues or unexpected events that may drag them down to support levels.