NIFTY OUTLOOK & BEST OPTION TIPS FOR 17 MAY 2023

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Broader market indexes ended on mixed note as volatility surged during today's trading session. The Indian market paused after the successive rise as Nifty formed a bearish engulfing pattern on the daily timeframe. Sensex closed at 61932, down 413 points and Nifty closed at 18286, down 112 points. The weakness spread to broader markets as well, as Nifty midcap and small cap also ended lower. Among sectors, Nifty PSU Bank and PSE ended marginally higher, while Nifty Media and Auto fell nearly a%. As it closed below 18300, the overall structure shows that the index is likely to see some consolidation or profit booking from higher levels. OI data shows that on the call side, the highest OI is 18400 followed by an 18500 strike, while on the put side, the highest OI remains at 18300 followed by an 18200-18100 strike. Overall, the index looks weak in the near term; Selling on the upside would be prudent in the coming days until the 18500 level is reached. Still, this volatility could provide traders with ample opportunities for near-term profits on both the buy and sell sides. BPCL, Coal India, ONGC, Bajaj Finance and NTPC were the top five gainers in the Nifty 50 index, while Kotak Mahindra Bank, Tata Motors, M&M, Apollo Hospitals and Maruti were the top detractors. Domestic markets have rallied strongly over the past month and we expect the benchmark indices to continue to perform well, supported by solid macroeconomic data, and continued buying by overseas institutional investors and strong fourth quarter growth. Contributing to the falls in benchmark indices were shares in the HDFC twins, each down nearly 2%. Meanwhile, shares of plumbing and drainage Systems Company Astral closed up 6% after the company reported strong fourth-quarter earnings.

Resistance: 18300, 18400, 18500

Support: 18200, 18100, 18000