Market Outlook for 23 May 2024

Ruchit Jain Ruchit Jain

Last Updated: 23rd May 2024 - 10:30 am

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Nifty continued its gradual upmove and reclaimed the 22600 mark during the day. Although, the Bank Nifty index witnessed a relative underperformance on its weekly expiry session and it ended the day with a loss of half a percent compared to Nifty’s close in the positive.

Our markets continued its positive traction with broader market momentum being positive leading to good opportunities in stock specific trading. On the index front, Nifty continued its gradual up move and is heading towards its previous highs. The immediate support base has shifted higher in the index to 22430-22370 range and till this support is intact, intraday dips are likely to get bought into. Hence, we continue with our positive stance on the index and advise traders to continue with a positive bias. The Bank Nifty index has seen a relative underperformance in last few sessions, but here too the important supports are intact. FIIs have short positions in the index futures segment and we saw some short covering in the previous session. A sustained momentum in the indices could lead to further short covering which would be positive. In the options segment, 22500 has highest open interest amongst put options and hence, this will be seen as the immediate support on any declines on the weekly expiry day.

                                            Gradual upmove seen in Nifty; index heading towards new highs



Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 22500 73960 47450 21200
Support 2 22420 73680 47100 21070
Resistance 1 22720 74580 48120 21460
Resistance 2 22800 74850 48450 21600

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