NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 2 MAY TO 5 MAY 2023

TO GET LIVE TRADING FUTURE OPTION CALL PUT TIPS WHATSAPP ON 9039542248 OR FILL THE FORM VISIT https://niftytipsniftylevels.blogspot.com/p/enter-mobile-number-for-2-days-trial.html

WEEKLY RESISTANCE FOR NIFTY: 18100, 18300, 18500

PIVOT POINT: 18000

WEEKLY SUPPORT FOR NIFTY:  17900, 17700, 17500

WEEKLY CHART FOR NIFTY

For the week, the Sensex and Nifty each gained 2.5%. The market will remain closed on May 1st due to Maharashtra Day.Friday 28th April Cheers for the Market Benchmark indices closed higher on Friday 28th April with Nifty above 18,000. Finally, the Sensex rose 463 points to 61112 and the Nifty rose 150 points to 18065.Markets started the week of April 24, 2023 on a positive note, pointing to banking giant ICICI Bank's stellar gains over the weekend. This was followed by some restraint on the benchmark NIFTY index; but the banking sector continued to buck the trend. After a brief pause, teller buying intensified, lifting overall market sentiment. With continued buying throughout the remainder of the day, NIFTY ended the session comfortably above 17700, adding nearly seven-tenths of a percent to the Bulls Kitty. Although most Asian bourses were sulking on the morning of April 25, 2023, our markets started the session flat. In the first hour we edged back slightly to retest the 17700 intraday support; but strong buying at lower levels (particularly on the financial gauges) pushed markets higher around the middle of the session. With some ups and downs in the second half, the Nifty ended the session with negligible gains just above the 17750 level. 26 April 2023 We had a quiet start again on mixed global clues. During the first hour, the key indices remained slightly under pressure, leading to a retest of 17700. However, as the day progressed, buyers became active and accelerated momentum in the second half. With some upside towards the end, NIFTY eventually regained 17800 on closing basis by adding a quarter percent to Bulls Kitty. Our markets started the 27 april 2023 session on a flat note as indicated by the SGX Nifty. In the first half of the year we observed a consolidation in the benchmark index; but stock-specific actions continued to attract traders' attention. As we entered the second half the bulls regained some strength which then accelerated towards the end to first send Nifty above the recent swing high of 17863 and eventually 17900 was recaptured on closing basis.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Last week’s lethargic movement was followed by some encouraging signs on Monday this week. As we moved ahead, the Nifty started its gradual march and on the monthly expiry, we managed to conclude the April expiry at two-months highest levels by pocketing nearly 5% series on series. With reference to our previous commentary, it’s a matter of time, we were expecting this hurdle to get surpassed soon. Taking a glance at the daily chart, we can see breakout getting confirmed and now Nifty would probably be eyeing the next cluster of 18200 – 18500 in coming days. The financial space has played a vital role in it and if it continues, we will not be surprised to see Nifty even heading towards 18500 in the first half of the May series.

 TECHNICALLY SPEAKING

Benchmark Nifty dived deeper into gains as bulls pushed the index above 18000 after a head and shoulders pattern on the daily time frame. The current rally was well predicted by the authors as they had a decent short PE position at the 17800 strike price. Visible at the top end was a less significant short CE that had built up at the higher strike prices. On the top end, Nifty could continue its upmove until it holds above 18000 on a closing basis. The upper terminal resistance stands at 18200, above which another rally could take place.

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.