Nifty Outlook for 26 May 2023

Nifty Outlook for 26 May 2023
Nifty Outlook for 26 May 2023

by Sachin Gupta Last Updated: May 26, 2023 - 11:17 am 912 Views
Listen icon

On the day of expiry, the benchmark index opened on a negative note and traded lower for most part of the day, but during the last hours of closing, we witnessed a sharp recovery from the day's low and the nifty index managed to close at 18321.15 with marginal gains of 0.20% While, banknifty recovered more than 250 points from the day low and settled at 43681.40 levels.

Nifty Today:

Overall, the nifty index has been trading in a bullish formation with higher highs & higher lows on the daily chart. However, in the recent move, it has re-tested the prior resistance at around 18420 levels and witnessed selling pressure for the last two days, but on expiry day, we observed recovery move from the recent support at Middle Bollinger Band & 20 DEMA that suggests a bullish bias.

On an hourly chart, the nifty took support at 61.8% Retracement Levels of its prior upward rally from 18060 to 18419 levels and showed sharp recovery on the Thursday session. Momentum readings like RSI & MACD also shifted to the positive side. On the derivatives front, the maximum put OI was seen at 18300 followed by the 18200 strike price while, on the call side, the maximum OI was at 18400 strike price.
 

                                                                 Nifty gains after two-days of down streak 

Nifty Outlook Graph

Traders are advised to follow the buy on dips strategy and also focus on a stock-specific approach for the coming day, as the market can show some sideways move until it sustains above the resistance mark of 18420.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18200 

43350 

                     19180 

Support 2

18100 

43000 

                    19120  

Resistance 1

18420 

44000 

                     19320 

Resistance 2

18500

44350

                     19400  

How do you rate this blog?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

oda_gif_reasons_colorful

About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 

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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Wrap-up: Tata Tech's Dazzling IPO Debut & the Tax Tale

In the heart of the bustling Indian stock market, a tale of triumph unfolded on November 30th, as Tata Technologies made an awe-inspiring debut. The curtains lifted at ₹1,200 apiece on the National Stock Exchange (NSE), casting a premium spell of 140% over the issue price of ₹500 per share. This stellar entry marked the grandest listing since November 2021, echoing through the financial corridors with waves of excitement.

Stock In Action: JSW Steel

Movement of the Day Analysis 1.    Strengths: Strong Momentum: Price above short, medium and long term from 5 days to 200 days respectively. 2.    Positive break-out. 

Swing Trading Stocks: Week of 11 December 2023

Swing Trading Stocks for the Week