Nifty returning from 22591 indicates strong resistance zone.

21 may

Nifty returning from high of 22591 has given indication of strong resistance zone ahead. Also closing above Mid-Channel resistance was a good move but still it is not a convincing upward gallop with market breadth remaining negative and FII still selling relentlessly. Some decent mid and large cap stocks are not moving despite good results and some average stocks and PSU are moving towards exaggerated valuation. PE investing or comparing the 10 year PE to the current PE of the stock should be the way to go for investors. Do not get trapped at levels which might not return for years. (I am nor fear mongering but that should be the case in every and any circumstance anyway.)

Nifty Supports levels: 22470, 22402, 22345, 22257 and 22055.
Nifty Resistance levels: 22530, 22591, 22658, 22730 and 22831.