Market Outlook for 16 July 2024
Nifty Outlook for 26 May 2023
Last Updated: 26th May 2023 - 11:17 am
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
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 |
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