Nifty Outlook for 5 May 2023

Nifty Outlook for 5 May 2023
Nifty Outlook for 5 May 2023

by Ruchit Jain Last Updated: May 05, 2023 - 11:26 am 1.3k Views
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Our markets did not react much to the FED event where they increased the interest rates by 25 basis points. As the uncertainty was over, our markets resumed its uptrend on the weekly expiry day and the Nifty rallied to end the day above 18250 with gains of almost a percent.

Nifty Today:


As the FED event was over, the market participants were relieved as there was no major impact on our markets. Our markets resumed its recent momentum and rallied higher to surpass 18200 mark led by index heavyweights. Thus, the short term trend for the Nifty continues to remain positive and the support for the index has now shifted higher to 18000-18100 range. Since the broader markets (midcaps especially) have been witnessing buying interest, traders should continue to ride this trend and look for stock specific buying opportunities. Technically, Nifty has closed around the swing high resistance seen at the start of this calendar year (around 18300). If it manages to surpass this, then it could continue to move higher towards 18500. The RSI oscillator on both Nifty as well as Bank Nifty index are in Buy mode on daily as well as the weekly charts indicating positive momentum.  


Market rally continues as no negative shocks in FED event

Nifty Graph


The Banking and the NBFC stocks witnessed goo price volume action and continued its outperformance. This space could continue to do well in the near term and the BankNifty index could approach its previous all-time high soon.


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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Stock in Action: NBCC (India) Ltd.

Movement of the Day Analysis Strengths - Strong Momentum: Price above short, medium and long term moving averages from 5days to 200 simple moving averages respectively.