22 May 2017

NIFTY OUTLOOK & NIFTY FUTURE TIPS FOR 23 MAY 2017

"BUY NIFTY ABOVE 9420 TGT 9450/9480 SL 9379"
The market began the expiry week on the positive side, with consolidation seen throughout the session, albeit the opening ticks. The Sensex ended up 106 points at 30570, while the Nifty closed up 10 points at 9438. A modestly positive start to the market, but the current consolidation phase is likely to extend itself with the 9380-9400 levels acting as immediate supports for the Nifty.  If the Nifty sustains below 9450, the weakness could drag it towards 9380 and 9350 levels.
On the upside, hurdles are seen at 9480 and 9500 levels. Inability to break above 9500 can pull the contract back to 9450 or even 9400 in the coming sessions. But a strong break above 9500 may boost the bullish sentiment and can take the contract higher to 9525 and 9550.
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Supports: 9450, 9400
Resistances: 9500, 9525

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