Nifty Today Outlook Report - 19th May, 2022
Post a sharp up move on Tuesday, our markets started trading for the day on a positive note and almost tested 16400 mark. However, it gave up the morning gains in the later part of the day and ended tad below 16250 with a marginal loss.
Nifty has given a sharp pullback from the recent swing lows and has almost tested the 16400 mark today. The index was dealing with the resistance around 16400 as it is the 38.2% retracement of the recent corrective phase from 12415 to 15735. In case the markets resists here and is unable to surpass this hurdle, then it could lead to a correction again in the near term. Above 16400, next hurdles will be seen around 16520 and 16575.
Nifty Today:
Any change of trend needs a change in structure in form of a ‘Higher Top Higher Bottom’ and till then such upmoves should just be seen as a pullback. Hence, traders should avoid aggressive buying and look to book profits around resistances. On the flipside, the intraday supports for the coming session are placed around 16170 and 16100.
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
16170 |
33980 |
|
Support 2 |
16100 |
33800 |
|
Resistance 1 |
16355 |
34500 |
|
Resistance 2 |
16472 |
34840 |
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 6982.50 | -87.4 (-1.24%) |
| CAC 40 | 7213.90 | -116.89 (-1.59%) |
| DAX | 15571.86 | -209.73 (-1.33%) |
| Dow Jones | 34070.42 | -370.46 (-1.08%) |
| FTSE 100 | 7678.62 | -53.03 (-0.69%) |
| Hang Seng | 17645.78 | -256.48 (-1.43%) |
| US Tech 100 | 13263.98 | -245.15 (-1.81%) |
| Nikkei 225 | 32185.91 | -385.12 (-1.18%) |
| S&P 500 | 4330.00 | -72.2 (-1.64%) |
| Gift Nifty | 19665.50 | 39327.5 (-200.02%) |
| Shanghai Composite | 3084.70 | -23.87 (-0.77%) |
| Taiwan Weighted | 16316.67 | -218.08 (-1.32%) |
| US 30 | 34067.80 | 9.2 (0.03%) |
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