Nifty Outlook for 19 May 2023

Sachin Gupta Sachin Gupta

Last Updated: 22nd May 2023 - 10:48 am

Listen icon

On the day of weekly expiry, the benchmark index witnessed volatile move. After the positive opening on D-street, the nifty50 index wiped out all the early gains and dragged lower for the day, settling at 18129.95 levels with a 51 point loss. While Banknifty managed to close in the green with a 53.60 gain, at 43752.30.

Nifty Today:

On the option front, the highest OI is at 18300 followed by 18400 on the call side, while on the put side, the highest OI build up is at 18100 strike price followed by 18000, which indicates the overall market range for the coming days. The advance & decline ratio stood at 47% at the closing, while BAJFINANCE, BHARTIARTL, KOTAKBANK were the top gainers and DIVISLAB, ADANIPORTS, ITC were the prime laggards for the day. The volatility index INDIAVIX also tested the support around 11.10 and settled at 12.83.

Overall, the nifty index has been falling down consecutively for the last three days after the long up-move. On the daily timeframe, the index has formed Bearish Engulfing on Monday sessions, which indicates bearish momentum for the near term. Moreover, on the hourly chart, the nifty index has slipped below 100-SMA, which also suggests further bearishness. Momentum indicators RSI & MACD witnessed negative crossover that pointed-out a correction in the index.  

The U.S. dollar index held near a seven-week high on Thursday on the hope of a hawkish monetary policy stance and optimism about debt ceiling negotiations.

                                                                 Nifty traded lower consecutively third day in a row

Nifty Outlook Graph 18th May

Hence, traders are advised to trade cautiously until nifty again sustains above 18300 levels. On the downside, immediate support is at the 18000 mark. If the index breaks that support, more dips can be seen by the 17800/17700 mark.    

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18000

43400

                     19300

Support 2

17870 

43200

                     19140 

Resistance 1

18200

44000

                     19480

Resistance 2

18330

44300

                     19600 

How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?