Nifty Outlook for 25 May 2023

Nifty Outlook for 25 May 2023

by Ruchit Jain Last Updated: May 25, 2023 - 10:25 am 1.3k Views
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Our markets started the day on a negative note in Wednesday’s session and witnessed a pullback move from the lows. However, the index again corrected in the later part of the day and ended around the opening levels below 18300 with a loss of about one-third of a percent.

Nifty Today:

Since last few days, Nifty has been consolidating in a range and has taken support above the 20 DEMA support. This seems to a time wise corrective phase as the momentum readings were in overbought zone. In derivatives segment, we have not yet seen any short formations during correction which is a good sign. The ‘20 DEMA’ support for Nifty is now placed around 18150 which will be seen as immediate support. On the higher side, 18400-18450 range continues to be the resistance zone. In options segment, call writing is seen at 18400 strike while 18200 put option has decent open interest outstanding. Looking at the data, it seems that the consolidation could continue on the expiry day as well and either built up of fresh positions in the new F&O series or a breakout beyond the recent trading range will lead to the next directional move. Traders are advised to trade with a stock specific approach and trade with a ‘Buy on dip’ approach in the index.

                                                                 Market consolidates in a range, 18400-18450 key hurdle

Nifty Outlook Graph

The intraday supports for the coming session are placed around 18190 and 18100 while resistances are seen around 18310 and 18360.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18190

43500

                     19170

Support 2

18100 

43400

                    19100 

Resistance 1

18310

43900

                     19380

Resistance 2

18360

44000

                     19500 

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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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