Wednesday, May 24, 2023

NIFTY OUTLOOK & BEST OPTION TIPS FOR 25 MAY 2023

Yesterday in our stock suggestions we have suggested 

DEEPAKNTR went upto 10.50%

POWERGRID was in top gainer 

ABFRL Call option we given by us to check you can visit our option blog. 👉👉


ONGC 

HDFCAMC

PETRONET

PFC

ASHOKLEY

ICICIGI

MANNAPURAM

MARUTI

APOLLOTYRE

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Markets have been volatile and settled slightly lower, taking a breather from the recent uptrend. After the initial downtrend, the Nifty ranged and eventually settled around the daily low at 18285. Most sectors moved in step with the trend and ended lower, with metals, banks and financials among the biggest losers. Meanwhile, the outperformance continued across the board and they managed to end flat to slightly in the green. With the big gains behind us, participants are keeping an eye out for clues in global markets, but offer no clarity at this time. In between, sectors like banks and financials, which carry significant weight in the index, largely dominate the movement. While the tone is still positive, we think participants should qualify their positions and wait for further clarity. The index closed 208 points, lower at 61773 while the Nifty closed at 18285, down 63 points. Price and momentum indicators are currently out of sync with each other, which may lead to consolidation in the short-term. Overall, we still believe that the Nifty is in a consolidation mode and the consolidation range is likely to be between 18k and 18400. In terms of levels, 18420-18450 should serve as the immediate hurdle while 18200-18150 is the key support zone to watch out for on the downside.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100


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