Market Outlook for 22 May 2024

Ruchit Jain Ruchit Jain

Last Updated: 22nd May 2024 - 10:11 am

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Post the extended weekend, Nifty traded in a narrow range in Tuesday’s sessions, where sectoral momentum was seen. The underperformance in the banking space kept the gains limited in the benchmark, while the metal stocks outperformed significantly. Nifty ended the day just above 22500 on a flat note.

It was a day of stock specific momentum in the market where stocks from Metals and the PSU space saw good buying interest. INDIA VIX rallied another 7 percent and ended around 22 mark, as it is increasing ahead of the election results. The broader trend for Nifty remains positive with immediate support placed at 22370-22320 range. As of now, it remains a buy on dip market for the index and hence, any dip towards this range could be seen as a buying opportunity. On the flipside, the immediate hurdle is seen in the range of 22600-22650 and if the index manages to surpass the same, then it could rally towards a new high in the near term.  The VIX shall cool-off once the event (election results) is over and hence, till then traders should avoid aggressive positions and focus on money management.

                                            Buying interest lifts Metals and PSU stocks 

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22400 73750 47850 21360
Support 2 22320 73540 47700 21300
Resistance 1 22600 74170 48200 21550
Resistance 2 22690 74450 48400 21550

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