Nifty Outlook for 12 May 2023

Nifty Outlook for 12 May 2023
Nifty Outlook for 12 May 2023

by Ruchit Jain Last Updated: May 12, 2023 - 11:43 am 1k Views
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Nifty started the weekly expiry day marginally positive, but it witnessed some selling pressure as it marched towards 18400 mark. The volatility increased a bit in the last half an hour and the index ended tad below 18300 with a marginal loss.

Nifty Today:

Market participants were waiting for the CPI data from the U.S. on Wednesday evening. The data was much in line with the expectations and hence, it did not have much impact on the market. Our markets have recently seen a strong upmove and the trend still remains intact as the index is still above its crucial supports. The momentum readings on the hourly charts are indicating some divergence, but many times indices usually witness just a time-wise correction in a strong trended phase and as the readings cool-off, the prices resumes the uptrend. Hence, one should keenly watch the supports on the index and avoid contra trades till they are intact. The immediate support for Nifty is placed in the range of 18240-18200 followed by short term support in 18050-18000 range. On the higher side, the resistance for the index is seen around the 78.6 percent retracement of the previous downmove which is placed around 18450. The Bank Nifty index showed relative strength in Thursday’s session and this index has crucial support placed around 42700 where the ’20 DEMA’ is placed now. 

                                                              Crucial support for Nifty in 18240-18200 range

Nifty Graph

 

The stock specific action continues to be robust and hence, short term traders should focus on stock picking for better short term returns.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18240

43300

                     19350

Support 2

18200

43200

                     19300

Resistance 1

18400

43650

                     19450

Resistance 2

18450

43800

                     19510

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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.

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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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