Tanushree JaiswalMarket Outlook for 14 May 2024
by
Ruchit Jain
13/05/2024
Market Outlook
Nifty Outlook for 18 May 2023
Ruchit Jain
18th May 2023
Nifty continued with its previous day’s corrective phase and corrected towards 18100 level. It recovered some of the losses from the lows towards the end, but ended below 18200 with a loss of over 100 points.
Nifty Today:
Post the recent upmove, the Nifty index witnessed some cool-off in last couple of sessions. The momentum readings on the hourly chart as well as the daily chart are indicating a corrective phase. Now, whether this correction will turn out to be a deeper retracement or just a small correction needs to be seen. As of now, the 20 DEMA support will be a crucial support which is placed around 18080. In derivatives segment, we have not seen any significant new positions in this series so far.
Indices extend correction, approaching crucial 20 EMA support
Hence, since the broader market's momentum is still positive it is quite possible that the dip will witness buying interest around the support. Now the 20 DEMA support is around 18080, we could see pullback again from this support in case this correction just pans to be a time-wise correction. However, a close below the 20 DEMA will indicate possibility of a deeper correction towards the next support of 17900 then. FII’s have been buying in the cash segment this month and have bought equities worth Rs. 16000 crores so far. But their index futures positions are neutral so far and hence, one should keep a tab on how new positions are formed in the near future. In the options segment, the call writers have added positions at 18300-18400 strikes which would be the immediate resistance range for the weekly expiry day.
Traders are advised to keep a buy on dip approach until the index breaks any important supports mentioned above.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
|
|
Nifty Levels |
Bank Nifty Levels |
FINNIFTY Levels |
|
Support 1 |
18080 |
43430 |
19150 |
|
Support 2 |
18000 |
43200 |
19100 |
|
Resistance 1 |
18300 |
44000 |
19400 |
|
Resistance 2 |
18400 |
44250 |
19460 |
Characters remaining
(1500)
View All
Disclaimer: 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.
Get 100 trades FREE* with the code "FREEPACK"
Trending on 5paisa
Discover more of what matters to you.
Market Outlook Related Articles
Market Outlook for 10 May 2024
by
Ruchit Jain
10/05/2024
Market Outlook for 09 May 2024
by
Ruchit Jain
09/05/2024
Market Outlook for 08 May 2024
by
Ruchit Jain
08/05/2024
Market Outlook for 07 May 2024
by
Ruchit Jain
07/05/2024