Nifty Outlook for 5 May 2023

Ruchit Jain Ruchit Jain

Last Updated: 5th May 2023 - 11:26 am

Listen icon

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

18190

43500

                     19370

Support 2

18120

43350

                     19030

Resistance 1

18330

43880

                     19600

Resistance 2

18400

44000

                     19720

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 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

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

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form