Nifty Today Outlook Report - 19th May, 2022

market outlook for 19-may-22

by Ruchit Jain Last Updated: May 19, 2022, 01:06 PM IST

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

 

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

 

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.

Disclaimer

Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.
SENSEX
53,177.45
16.17 (0.03%)
Nifty 50
15,850.20
18.15 (0.11%)
Nifty Bank
33,642.45
-168.80 (-0.50%)

Open Free Demat Account

& get benefits worth 2100*

 
Resend OTP
Please Enter OTP
  • Have Promo code?
  • Use code ACT2100
Enter Promo code

By proceeding, you agree to the T&C.

SENSEX
53,177.45
16.17 (0.03%)
Nifty 50
15,850.20
18.15 (0.11%)
Nifty Bank
33,642.45
-168.80 (-0.50%)

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number