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STOCKS SUGGESTED BY US IN YESTERDAY'S POST https://niftytipsniftylevels.blogspot.com/2023/05/stocks-to-trade-on-26-may-2023.html
SBILIFE 2.19% UP
TECHM 1.02% UP TECHM 1140 CALL WE ASKED TO BUY @ 22 & BOOKED NEAR 26
WEEKLY RESISTANCE FOR NIFTY: 18600, 18700, 18800
PIVOT POINT: 18500
WEEKLY SUPPORT FOR NIFTY: 18400, 18300, 18200
WEEKLY CHART FOR NIFTY
The trading activity for the week on 22 may 2023 started on a flat note, however, without wasting any time Nifty started climbing higher. Although there was some stagnation during the mid-session, with prices staying within a range, the broader markets remained active. Towards the end of the day, there was another round of buying, resulting in the Nifty closing above 18300 with a 0.61% gain. Our markets started the 23 may 2023 session on a positive note, but after the initial gains, there was limited activity observed in key indices. Nifty hovered within a narrow range of 40-50 points for the most part of the day. However, a bout of profit booking towards the end erased a major chunk of morning gains to conclude slightly below 18350 with merely 0.18% gains. The US stock exchanges experienced significant downward pressure overnight on 24 may 2023, which influenced our markets to begin trading with a substantial gap down opening. However, the bulls seized this opportunity, resulting in a sharp rebound and recovery of the morning's losses. Similar to recent sessions, trading activity during the mid-session remained lackluster, with prices trading within a range. As European markets commenced their trading activity, we once again slipped lower, eventually ending the day with a loss of 0.34% a tad below 18300. The US markets reacted negatively to the FOMC meeting minutes and taking cues from there, the SGX Nifty indicated a weak opening on 25 may 2023. In line with this, our markets started on a negative note and as the day progressed, prices gradually declined to test levels of around 18200. During the last hour, however, the expiry factor came into play and prices bounced back sharply to regain the morning’s lost ground and end with gains of 0.20% above 18300. The Nifty Auto index closed on a positive note on Friday 26 may 2023. Indian shares advanced on Friday, with the nifty rising to a five-month high, led by information technology (IT) stocks and a jump in Reliance Industries, the country's biggest company by market capitalization. The blue-chip Nifty 50 index closed 0.97% at 18499, while the Sensex rose 1.02% to 62501.
NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL
there is no obvious trigger for valuation de-rating in Indian markets as the monetary tightening cycle comes to an end. The trend is expected to remain positive as long as the index sustains above the support level of 18400. On the higher end, there is a resistance level at 18700.
TECHNICALLY SPEAKING
The Nifty has finally decisively broken out of the sideways consolidation to the upside. After two weeks of consolidation, the Nifty has resumed its uptrend. This breakout is likely to be a broad-based rally in which we expect participation from all sectors. On the other hand, we expect the Nifty to target the 18800 level, which is the 161.82% Fibonacci extension level of the five-wave advance (18060 18420). on the hourly charts. The hourly momentum indicator is showing a positive crossover and the daily momentum indicator is about to show a positive crossover. Therefore, both the price and momentum indicators suggest that the positive momentum is likely to continue. Overall, we are changing the outlook for the target to positive from 18800 from a short-term perspective.
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