NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 11 MAY 2023

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Benchmark Sensex closed 179 points higher while Nifty closed above 18300 on high volatility. The Sensex was up 178 points, to 61940 and the Nifty was up 45 points, to 18311. The benchmarks saw significant volatility throughout the day, characterized by an initial price gap to the upside, followed by a significant sell-off in the first half of the trading session, eventually culminating in a rebound towards the end of the day. Notably, the Nifty index successfully broke the crucial 18300 threshold after several attempts over the past week. On the daily charts, the Nifty is forming a bullish dragonfly doji pattern, indicating robust buying activity from the market bulls and the potential for a rise, implying ongoing bullish momentum in the market. Looking ahead, it is important to keep an eye on the 18150-18200 levels as critical support levels, while a break of the 18350 level would open up opportunities for the market to reach the 18500-18600 area. Markets consolidated for another session, closing slightly higher. After the initial surge, Nifty range-bound and eventually settled at 18,315. On the sector front, the session was also subdued, but selective buying in real estate, energy and autos kept traders on their toes. The broader indices also performed poorly and ended almost unchanged. We see healthy consolidation and expect the uptrend to resume soon. Traders should continue with the buy-on-dip approach until 18,050 is intact in Nifty. However, caution should now be exercised in stock picking as there is a mixed trend across sectors.

Resistance: 18350, 18450, 18550

Support: 18250, 18150, 18050

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