Nifty Outlook for 10 May 2023

Nifty Outlook for 10 May 2023
Nifty Outlook for 10 May 2023

by Ruchit Jain Last Updated: May 10, 2023 - 10:45 am 289 Views

Nifty traded with a positive bias for most part of the day on Tuesday, but it gave up the gains during the later part and it ended on a flat note. The BankNifty index witnessed some negativity towards the end and closed below 43200.

Nifty Today:

It was a range bound trading session for the indices as the markets did not witness any significant move and the market breadth also was even-steven. The near term trend continues to be positive as the important supports are intact, but the lower time frame charts are showing some negative divergence as the new highs in prices on the hourly charts have not been confirmed by RSI. Also, the Nifty index has surpassed last week's high but the Bank Nifty index hasn’t, which is another divergence. Usually, such divergences post a rally gives early signs of a probable corrective phase. Hence, traders should avoid aggressive longs here and rather wait for a dip towards important supports.

                                        Market consolidates in a range, signs of some profit booking

Nifty Graph


The IT stocks witnessed some pullback move which provided some support to the benchmark. Now as far as levels are concerned, important support for Nifty is placed around 18170 below which, the index can retest the last week's low of 18050. On the higher side, 18400-18500 is the resistance zone. Traders are advised to avoid aggressive longs and rather trade with a stock specific approach.


Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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