NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 05 MAY 2023

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Nifty rose for the seventh of the last 8 sessions, closing on May 4th at more than four monthly highs. At the close, Nifty was up 165 points to 18255. Broad market indices rose a little less than the Nifty, although the pre-decrease ratio remained high at 2.25:1. Asian stock markets were mostly higher on Thursday after the US Federal Reserve hiked interest rates again to cool inflation and said it wasn't sure what might come next. European stocks fell in the open as investors probed a string of gains for clues about the state of the economy and braced for a European Central Bank interest rate decision later on Thursday following the US Federal Reserve's latest quarter-point hike. Skillful build on previous gains good on May 04th. It is now heading for the upper band of 18325-18450 while 18150 could offer short-term support on the downside. The US Federal Reserve, softening its stance on future interest rate hike prospects, lifted investor sentiment, prompting a fresh wave of buying of bank stocks. With India's growth indicators showing good signs of recovery and crude oil prices remaining low, investors are betting heavily on local stocks even as the fog of global economic growth persists. Technically, the Nifty broke above the 18150 resistance level and added positive momentum after the breakout. The index has also formed a long bullish candle that supports further upside from the current levels. As long as the index is trading above 18150, the uptrend wave is likely to continue to 18400-18500.

Resistance: 18300, 18400, 18500

Support: 18200, 18100, 18000

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