Nifty Outlook 24th May

Nifty Pivot 4946
Support 4895-4878-4851
Resistance 4951-4988-5011

Bank Nifty Pivot 9124
Support 9089-9034-8975
Resistance 9204-9256-9291

For two consecutive weeks Nifty closed with losses.
So will it be another week with losses or will there be some consolidation or some gains.

Well we suppose that Nifty took support after hitting low of 4851 as it close well above 4895 level which was important support level in any case.

So as long as Nifty remains above 4895 we are sure of some positive surprises and we may see gains.

There are some important retracement levels according to Fibonacci technique.
Level 1: 5059
Level 2: 5124
Level 3: 5189

These are important resistance levels as well as important turning points.