NIFTY OUTLOOK & BEST OPTION TIPS FOR 19 MAY 2023

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On the weekly expiry day, the markets were volatile and ended slightly in the red. So far it has been a healthy consolidation but volatility across sectors is keeping traders on their toes. We think it's wise to stay small and use this phase to gradually accumulate quality stocks from best-performing sectors, viz. Banking, Finance, FMCG and Auto, The benchmark indices pared gains to end Thursday's session lower. The NSE Nifty 50 fell 51 points, to 18129 and the Sensex fell 128 points to 61431. The 18300-18400 is said to act as a strong resistance for the Nifty. On the downside, the Nifty is approaching the crucial support at 18050, which coincides with the 20-day moving average and below that lies the 18000 psychological support level. Stock specific Action may be taken in the next few trading sessions. The daily momentum indicator has a negative crossover, which is a sell signal. Taking the above into account, we have changed our outlook to a sideways forecast and the consolidation range stands at 18500-18000

Resistance: 18200, 18250, 18300

Support: 18100, 18050, 18000