NIFTY OUTLOOK & BEST OPTION TIPS FOR 16 MAY 2023

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Stocks to Watch Tomorrow 16 May 2023

BPCL

CANFINHOME

INDIAMART

COLPAL

COROMONDEL

MGL

SBICARD

BALRAMCHIN

BERGEPAINT

ASHOKEYLAND

Benchmark stock market indices extended gains at the end of Monday's trading session despite weaker global signals, helped by a decline in retail and wholesale inflation. A rally in auto stocks also boosted sentiment on Dalal Street. The S&P BSE Sensex gained 317 points to close at 62345, while the NSE Nifty 50 closed 84 points higher to close at 18398. The five winners of the Nifty 50 were Hero MotoCorp, Tata Motors, ITC, Tech Mahindra and Hindalco. Tata Motors was among the biggest gainers as the company rose nearly 3 percent after posting record sales and paying its first dividend in seven years. Sentiment on Dalal Street was boosted by upbeat wholesale inflation data in April. It should be noted that the country's annual wholesale price index (WPI) fell 0.92% in April after rising 1.34% in March.

Benchmarks were positive for much of the trading session, with Nifty closing slightly below the psychological 18400 mark. As long as Nifty's support is held at 18200 , expect the index to bounce towards its psychological barrier at 18500 and then aggressively target at 18800. Overall, it was an upbeat day as Nifty's bulls enjoyed a bullish session, closing 35 out of 50 stocks in the green. The momentum oscillator RSI (14) on the daily chart has found support near 55 levels and is showing a strong reversal with a bullish crossover. Validity of the bullish pattern is above the 18,200-18,150 levels if the Frontline Index closes below it. At these levels, the gate is wide open to the 18,000 and 17,900 levels. On the upper end, resistance is limited to the 18,500 to 18,550 levels. A break of this level will trigger a buy-signal towards 18,700 or even higher.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100