NIFTY OUTLOOK & BEST OPTION TIPS FOR 17 MAY 2023

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Broader market indexes ended on mixed note as volatility surged during today's trading session. The Indian market paused after the successive rise as Nifty formed a bearish engulfing pattern on the daily timeframe. Sensex closed at 61932, down 413 points and Nifty closed at 18286, down 112 points. The weakness spread to broader markets as well, as Nifty midcap and small cap also ended lower. Among sectors, Nifty PSU Bank and PSE ended marginally higher, while Nifty Media and Auto fell nearly a%. As it closed below 18300, the overall structure shows that the index is likely to see some consolidation or profit booking from higher levels. OI data shows that on the call side, the highest OI is 18400 followed by an 18500 strike, while on the put side, the highest OI remains at 18300 followed by an 18200-18100 strike. Overall, the index looks weak in the near term; Selling on the upside would be prudent in the coming days until the 18500 level is reached. Still, this volatility could provide traders with ample opportunities for near-term profits on both the buy and sell sides. BPCL, Coal India, ONGC, Bajaj Finance and NTPC were the top five gainers in the Nifty 50 index, while Kotak Mahindra Bank, Tata Motors, M&M, Apollo Hospitals and Maruti were the top detractors. Domestic markets have rallied strongly over the past month and we expect the benchmark indices to continue to perform well, supported by solid macroeconomic data, and continued buying by overseas institutional investors and strong fourth quarter growth. Contributing to the falls in benchmark indices were shares in the HDFC twins, each down nearly 2%. Meanwhile, shares of plumbing and drainage Systems Company Astral closed up 6% after the company reported strong fourth-quarter earnings.

Resistance: 18300, 18400, 18500

Support: 18200, 18100, 18000

NIFTY OUTLOOK & BEST OPTION TIPS FOR 16 MAY 2023

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Stocks to Watch Tomorrow 16 May 2023

BPCL

CANFINHOME

INDIAMART

COLPAL

COROMONDEL

MGL

SBICARD

BALRAMCHIN

BERGEPAINT

ASHOKEYLAND

Benchmark stock market indices extended gains at the end of Monday's trading session despite weaker global signals, helped by a decline in retail and wholesale inflation. A rally in auto stocks also boosted sentiment on Dalal Street. The S&P BSE Sensex gained 317 points to close at 62345, while the NSE Nifty 50 closed 84 points higher to close at 18398. The five winners of the Nifty 50 were Hero MotoCorp, Tata Motors, ITC, Tech Mahindra and Hindalco. Tata Motors was among the biggest gainers as the company rose nearly 3 percent after posting record sales and paying its first dividend in seven years. Sentiment on Dalal Street was boosted by upbeat wholesale inflation data in April. It should be noted that the country's annual wholesale price index (WPI) fell 0.92% in April after rising 1.34% in March.

Benchmarks were positive for much of the trading session, with Nifty closing slightly below the psychological 18400 mark. As long as Nifty's support is held at 18200 , expect the index to bounce towards its psychological barrier at 18500 and then aggressively target at 18800. Overall, it was an upbeat day as Nifty's bulls enjoyed a bullish session, closing 35 out of 50 stocks in the green. The momentum oscillator RSI (14) on the daily chart has found support near 55 levels and is showing a strong reversal with a bullish crossover. Validity of the bullish pattern is above the 18,200-18,150 levels if the Frontline Index closes below it. At these levels, the gate is wide open to the 18,000 and 17,900 levels. On the upper end, resistance is limited to the 18,500 to 18,550 levels. A break of this level will trigger a buy-signal towards 18,700 or even higher.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 15 MAY TO 19 MAY 2023

WEEKLY RESISTANCE FOR NIFTY: 18350, 18450, 18550

PIVOT POINT: 18250

WEEKLY SUPPORT FOR NIFTY:  18150, 18050, 17950

WEEKLY CHART FOR NIFTY

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The Nifty50 had a strong day as it remained higher throughout the May 8 session. The index recouped all of its Friday losses to close at a new 2023 high, driven by banking and financial services, auto, FMCG, technology and metals stocks. The index opened higher at 18121 and extended gains later in the day, reaching 18287 later in the session. Finally, the index jumped 195 points, to 18264. The domestic market pared gains as weak global sentiment prevailed. The forthcoming US inflation figures have become the focal point in determining global market developments. US inflation, which is expected to remain unchanged at the March level of 5.0 percent, worries that the Fed will remain tighter for much longer. However, continued support from FIIs protects the domestic market from a sharp correction. Markets moved mostly in line with global equities, which were sluggish to negative. After showing some volatility early in the session, markets remained in negative territory for most of the trading session, ending almost flat as investors resorted to selective profit taking after the sharp rise seen in recent sessions. The sharp appreciation of the rupee could indicate that foreign investors could sell local stocks if the trend continues. The Sensex was down 2 points or flat at 61761 and the Nifty closed 5 points lower at 18259. 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. The Nifty50 has been trading ranged above the previous day's high, but failed to hold it due to selling pressure in the last hour of trading on May 11, the weekly F&O expiration day, while volatility grew higher by the day. The index opened higher at 18,358 and climbed to 18,390 on the day amid volatility after US inflation numbers eased, but gave up all gains in the last hour of trading to finish down 18 points at 18297. Friday market  ended up 17 points at 18314. A slew of weak economic data points from the US and China hinting towards a slower pace of economic growth disturbed the mood of the Asian market. Consequently, US Treasury yields reacted, indicating a potential halt in central bank rate hikes. The domestic market recovered in the second half as investors back home awaited the release of Indian inflation data that is expected to cool down below 5%.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Technically, Nifty is trading comfortably above the 10-day SMA (Simple Moving Average) after a strong uptrend rally and is also maintaining a higher bottom formation that supports further uptrend from the current levels. On the weekly charts, the index has formed a long bullish candle, indicating the continuation of the uptrend. As long as the index trades above the 10-day SMA or 18200, the positive sentiment will continue. Above 18200 the index will likely move to 18450-18550. On the other hand, bulls may prefer to exit the long positions if the index trades below 18,200 and further downtrend could slip to 18,000.

 TECHNICALLY SPEAKING

Nifty formed a small green candlestick with a long lower shadow today, suggesting that buying is visible in the lower zones. On the weekly scale, a long bull candle formed with a small upper shadow to negate last week's bearish pattern. Now, Nifty needs to continue holding above the 18250 zones to see an upside move towards the 18400 and 18442 zones while on the downside there are supports at the 18181 and 18081 levels. India's VIX fell 2.78% to 12.85 from 13.22. Volatility has come down after rising for the past five sessions, giving bulls comfort in a buy-on-fall stance in the market. Options data suggests a broader range between the 17900 and 18500 zones and an immediate range between the 18150 and 18450 zones. The Relative Strength Index (RSI) showed a bullish crossover, indicating possible bullish momentum in the market. For the monthly expiration in May, the range remains between 18,000 and 18,500 and it will not be easy for the index to stay above the 18,500 level. There needs to be a decisive break above 18550 for this level to be breached. Also for this week the buy structure on dips remains in place and any drop below 18200-18000 should be viewed as a buying opportunity.

NIFTY OUTLOOK & BEST OPTION TIPS FOR 12 MAY 2023

Stocks to watch for Today 12 May 2023

HINDALCO,

NAVINFLOUR

LICHOUSING

M&M

CUMMINS

DEEPAKNTR

 DIVISLAB

BALRAMCHIN

ACC

DELTACORP

GUJGASLTD

HINDCOPPER

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The Nifty50 has been trading ranged above the previous day's high, but failed to hold it due to selling pressure in the last hour of trading on May 11, the weekly F&O expiration day, while volatility grew higher by the day. The index opened higher at 18,358 and climbed to 18,390 on the day amid volatility after US inflation numbers eased, but gave up all gains in the last hour of trading to finish down 18 points at 18297. A bearish candlestick pattern has formed on the daily chart as the close was below the open but higher highs and higher lows were forming. The Nifty50 appears to be headed in a positive direction as long as it holds the 18,200 level, which may be immediate support, while 18375-18425 is likely to be a crucial hurdle in the coming sessions. Technically there were no major changes in the chart structure. Nifty continued to move in the higher band during the weekly settlement session. However, there is some reluctance in the upside among the bulls waiting for a positive trigger to continue the uptrend.

Resistance: 18400, 18450, 18500

Support: 18300, 18250, 18200

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 10 MAY 2023

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The domestic market pared gains as weak global sentiment prevailed. The forthcoming US inflation figures have become the focal point in determining global market developments. US inflation, which is expected to remain unchanged at the March level of 5.0 percent, worries that the Fed will remain tighter for much longer. However, continued support from FIIs protects the domestic market from a sharp correction. Markets moved mostly in line with global equities, which were sluggish to negative. After showing some volatility early in the session, markets remained in negative territory for most of the trading session, ending almost flat as investors resorted to selective profit taking after the sharp rise seen in recent sessions. The sharp appreciation of the rupee could indicate that foreign investors could sell local stocks if the trend continues. The Sensex was down 2.92 points or flat at 61761 and the Nifty closed 5 points lower at 18259.30. On daily charts, the Nifty has formed a small bearish candle, indicating indecisiveness between bulls and bears. As long as the index trades above 18250 the positive sentiment is likely to continue and could pick up to 18300-18400. On the upside, if the index trades below 18250, a quick intraday correction is possible. Below that could fall the index to 18200-18100.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 09 MAY 2023

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The Nifty50 had a strong day as it remained higher throughout the May 8 session. The index recouped all of its Friday losses to close at a new 2023 high, driven by banking and financial services, auto, FMCG, technology and metals stocks. The index opened higher at 18121 and extended gains later in the day, reaching 18287 later in the session. Finally, the index jumped 195 points, to 18264, forming a bullish candlestick pattern on the daily charts that made higher highs and higher lows. The index has successfully surpassed the short-term resistance at 18275. It needs to hold on to march towards the 18,300-18400 area with support at the psychological 18200 mark. After reversing, the index successfully cleared the short-term resistance at 18250, which is broadly positive. On the daily charts, the index has formed a bullish candle and is currently trading comfortably above the 18250 level, which would be the sacrosanct level of support. Above that, the index could rally to 18325 -18375 , while on the other side, below 18150 , the uptrend would be vulnerable. On the options front, weekly maximum open interest for calls was 18450 strikes, followed by 18350 strikes and 18250 strikes, with call writing at 18550 strikes, then 18450 -18350 strikes, while maximum put open interest was at 18250 strikes, followed by 18150 and 18000 strikes, with Put standing at 18250 strikes and then 18350 strikes. The options data above showed that the trading range for Nifty50 is expected to be 18,000-18,500 in the coming sessions. Bank Nifty opened positive at 42797 and extended its move towards 43419 during the session. The index ended the day with decent gains of 623 points, or 1.46%, at 43284 and formed a large bullish candle on a daily basis as there was good buying in bank stocks, but failed to surpass the previous day's high. The index needs to continue holding above the 43000 level to offset a move towards 43,600 then 43800 while on the downside support is expected at 43000 then 42800. Volatility is up for another session. The India VIX, which measures expected volatility over the next thirty days in the Nifty, rose 2.76% to 12.64 from 12.30. Broader markets also gained strength, with the Nifty Midcap 100 and Smallcap 100 indices each up around 1%.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 8 MAY TO 12 MAY 2023

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WEEKLY RESISTANCE FOR NIFTY: 18200, 18250, 18500

PIVOT POINT: 18100

WEEKLY SUPPORT FOR NIFTY:  17900, 17700, 17500

WEEKLY CHART FOR NIFTY

After a long weekend, we started the week on Tuesday 2nd May 2023 on a pleasant note thanks to a smart rally in US markets on Friday. In the early trades, we extended the move to challenge the 18200 level. However, due to a lack of conviction at higher levels, Nifty first slipped into a consolidation and a tiny profit booking was observed in the second half to eventually close the session with further gains of half a percent. US markets had a rough session Tuesday night, leading to a jittery start for most Asian bourses early Wednesday 3^rd may 2023 morning. We got off to a slow start too, but certainly not in the SGX sense. In the first hour, the benchmark corrected slightly to test the 18050 level; but a consolidation thereafter, with hints of a modest recovery towards the end, saw Nifty close in nominal losses. US markets reacted negatively on Wednesday night as the Federal Reserve hiked another 25 basis points. On Thursday 4 may 2023 morning, the SGX Nifty looked nervous; Most importantly, our markets started the session flat and, after initial hesitation, resumed their uptrend. Gradually we continued to climb throughout the day and with a tail gush the Nifty finally managed to top the 18200 stable wall with ease. Indian stocks fell on Friday 5 may 2023, erasing weekly gains, as financials weakened on falls in Housing Development Finance Corp and HDFC Bank and ongoing concerns over the US banking sector. The Nifty 50 closed 1.02% lower at 18069.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

After the sharp rise in the last few days, Nifty is now consolidating around 18050-18250 zones. While the overall market structure remains positive, expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights. Next week market would also take cues from inflation, state election outcome and ongoing earning season.

 TECHNICALLY SPEAKING

We expect the Nifty 50 to consolidate after the recent rise on strong gains in the March quarter, but added that the monsoon would provide a key watchability near-term. If the monsoon is weak, it will cause markets to fall due to a negative impact on the country's predominantly agricultural economy and consumption. In the future, D-Street will focus on the macro trends. Future markets may be dominated by global news flows and actions by different governments to manage their economies. On the economic front, the US Federal Reserve hiked interest rates by 25 basis points but indicated that the rate hike cycle could be broken if the data remains supportive. Both DIIs and FIIs were net buyers for the week. Technically, the Nifty held the higher bottom formation on the daily and weekly charts, but on the weekly charts it has formed a hammer candlestick pattern that is largely negative. For traders, 18300 would be the key resistance zone, below that the market could retest the 17800 level. If corrected further, the index could slip as low as 17,800. On the downside, a new uptrend rally is only possible after the 18,200 shed. Beyond that, the market could rally as high as 18300-18500. Meanwhile, Bank Nifty formed a reversal formation after a strong uptrend rally last Friday. In the near term, as long as it trades below 43,400 the corrective wave is likely to continue and could slip to 42500-42,000. On the upside, it could climb above 43500 to 43,700-44000.

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 04 MAY 2023

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Markets traded sluggishly, shedding nearly half a percent, while cautioning ahead of the Federal Reserve meeting outcome. After the initial downtrend, the Nifty index traded in a narrow band and finally settled at 18,089 down by 58 points. Most sector indices traded parallel to the benchmark and closed lower, with IT, metals and energy among the biggest losers. The broader indices outperformed, ending flat to just in the green. India's benchmark Sensex ended 161 points lower to 61193 points.

Technically, the signs speak for continuing the prevailing tone. The improvement in participation from other key sectors such as energy and IT is positive. Participants should remain focused on accumulating quality stocks on dips. With all eyes on the Federal Reserve, you can keep a close eye on the reaction in early Thursday trading. The planned weekly schedule would also increase the fluctuations. Some consolidation in the index cannot be ruled out, but the tone is likely to remain positive until Nifty manages to hold 17,850 levels. We therefore reiterate our view to focus on stock selection. 18200 could be the resistance on the up, while a downward breach of 18000 could lead to more downsides.

Resistance: 18100, 18150, 18200

Support: 18000, 17950, 17900

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 3 MAY 2023

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India's relatively better macroeconomic growth has added momentum to the ongoing rally, with robust April GST figures providing further impetus even as global markets remain sluggish to negative. The rally in IT, metals and energy stocks helped benchmark indices sail above key levels. The Sensex was up 292 points, to 61419 and the Nifty was up 102 points, percent, to 18167.

As an indication that the bulls are tiring after the recent rally, Nifty formed a bullish candle with a small body and smaller upper and lower shadows today. Chartists are pointing out that the index has been making higher highs for the past six trading sessions and supports are gradually shifting higher. Now it needs to hold above the 18150 zones to see an upward move towards the 18200 and 18250 zones while on the downside placing the supports at 18150 and 18100 marks. The Fear Gauge Index India VIX rose 8.65% to 11.89 from 10.95. Volatility rose during the session but overall lower levels have comforted the bulls despite the rise in the Indian VIX. Options data suggests a broader range between the 17800 and 18200 zones, while an immediate range lies between the 17950 and 18100 zones.

Resistance: 18200, 18350, 18500

Support: 18100, 17950, 17800

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 2 MAY TO 5 MAY 2023

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WEEKLY RESISTANCE FOR NIFTY: 18100, 18300, 18500

PIVOT POINT: 18000

WEEKLY SUPPORT FOR NIFTY:  17900, 17700, 17500

WEEKLY CHART FOR NIFTY

For the week, the Sensex and Nifty each gained 2.5%. The market will remain closed on May 1st due to Maharashtra Day.Friday 28th April Cheers for the Market Benchmark indices closed higher on Friday 28th April with Nifty above 18,000. Finally, the Sensex rose 463 points to 61112 and the Nifty rose 150 points to 18065.Markets started the week of April 24, 2023 on a positive note, pointing to banking giant ICICI Bank's stellar gains over the weekend. This was followed by some restraint on the benchmark NIFTY index; but the banking sector continued to buck the trend. After a brief pause, teller buying intensified, lifting overall market sentiment. With continued buying throughout the remainder of the day, NIFTY ended the session comfortably above 17700, adding nearly seven-tenths of a percent to the Bulls Kitty. Although most Asian bourses were sulking on the morning of April 25, 2023, our markets started the session flat. In the first hour we edged back slightly to retest the 17700 intraday support; but strong buying at lower levels (particularly on the financial gauges) pushed markets higher around the middle of the session. With some ups and downs in the second half, the Nifty ended the session with negligible gains just above the 17750 level. 26 April 2023 We had a quiet start again on mixed global clues. During the first hour, the key indices remained slightly under pressure, leading to a retest of 17700. However, as the day progressed, buyers became active and accelerated momentum in the second half. With some upside towards the end, NIFTY eventually regained 17800 on closing basis by adding a quarter percent to Bulls Kitty. Our markets started the 27 april 2023 session on a flat note as indicated by the SGX Nifty. In the first half of the year we observed a consolidation in the benchmark index; but stock-specific actions continued to attract traders' attention. As we entered the second half the bulls regained some strength which then accelerated towards the end to first send Nifty above the recent swing high of 17863 and eventually 17900 was recaptured on closing basis.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Last week’s lethargic movement was followed by some encouraging signs on Monday this week. As we moved ahead, the Nifty started its gradual march and on the monthly expiry, we managed to conclude the April expiry at two-months highest levels by pocketing nearly 5% series on series. With reference to our previous commentary, it’s a matter of time, we were expecting this hurdle to get surpassed soon. Taking a glance at the daily chart, we can see breakout getting confirmed and now Nifty would probably be eyeing the next cluster of 18200 – 18500 in coming days. The financial space has played a vital role in it and if it continues, we will not be surprised to see Nifty even heading towards 18500 in the first half of the May series.

 TECHNICALLY SPEAKING

Benchmark Nifty dived deeper into gains as bulls pushed the index above 18000 after a head and shoulders pattern on the daily time frame. The current rally was well predicted by the authors as they had a decent short PE position at the 17800 strike price. Visible at the top end was a less significant short CE that had built up at the higher strike prices. On the top end, Nifty could continue its upmove until it holds above 18000 on a closing basis. The upper terminal resistance stands at 18200, above which another rally could take place.

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. 

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 28 APRIL 2023

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The domestic market is gradually moving towards positive territory, supported by inflows from FIIs and positive Q4 earnings from banks. Globally, Q1 US GDP figures to be released today are expected to weaken on a QoQ basis on concerns of banking sector contagion and a slowing economy. Fed policy over the next few weeks will be closely monitored. The Fed could continue to rise 25 basis points but the expectation is that this will mark the peak and a long pause. Benchmark indices closed higher with Nifty above 17900 on April F&O expiration. To finish, the Sensex was up 348 points, to 60649 and the Nifty was up 101 points, to 17915. The short-term trend of the market remains positive. The Nifty is now reaching the key resistance at 18000  in the near term. There is a possibility of a minor consolidation move on the highs before a decisive breakout to the upside shows in the near term. Immediate support for the Nifty 50 Index stands at 17800.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

 

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 27 APRIL 2023

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Domestic stock markets mirrored sentiment on Wall Street as weak economic data and disappointing earnings dragged US stocks to a weak close on monday. However, the market gradually recovered after a rise in US futures, with gains from technology companies providing support. Adding to investor concerns over a possible recession, US consumer confidence data for April hit a nine-month low ahead of the forthcoming Fed policy meeting. Benchmark indices closed higher on April 26 with Nifty above 17800. At the close, the Sensex was up 169 points, to 60300 and the Nifty was up 44 points, to 17813. Investors are likely to have their positions covered ahead of Thursday's monthly F&O close. Markets shaking off global weakness are an indication that our fundamentals remain intact and investors are willing to remain risk-on in Indian equities. But ahead of next month's Federal Reserve policy, markets could take cues from the global direction to exercise caution. Technically, the market is floating between 17750 -17850 price ranges after a reversal formation. For the bulls, 17850 would now be the range break zone. Above that, the index could rally as high as 17875 -17925. On the upside, the release of 17950 could accelerate selling pressures. Below that, the index could slip as low as 18000 -18200.

Resistance: 17850, 17900, 17950

Support: 17800, 17750, 17700

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 26 APRIL 2023

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The Nifty opened on a flat note and endured a day of consolidation. It closed in the green with ~26 points. Looking at the daily charts, we can see that the positive momentum of April 24th continued today and the Nifty continued to trade with a positive bias. As it nears its former swing high of 17863, it is seeing some profit booking as the pace of the upward move has slowed. Domestic indices extended gains on Tuesday, ending the session on the green. The Nifty rose 25 points to 17769 and the Sensex climbed 74 points to 60130. As we are in the final week of April Series expiry, volatility may be high for the next few trading sessions. So the key support zone to keep an eye on is 17,620-17,600. Until the Nifty manages to hold and trade above this zone, we can expect the upward movement to continue. On the upside, the initial hurdle is 17,863 17,880. A break above this should result in a sharp rise towards the psychological 18,000 level. Overall, we remain bullish on the 18,100 target from a short-term perspective.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

The securities quoted are for illustration only and are not recommendatory.

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 25 APRIL 2023

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After a weak week, the benchmark indices staged a comeback on April 24 after some strong earnings reports from private lenders over the weekend and today lifted general sentiment on Dalal Street. Most market participants were cautious last week after IT Sector earnings fell far short of expectations. Meanwhile, hawkish comment from some Federal Reserve officials didn't help the bulls either. However, April 24 finally saw some low-level buying in the IT and banking indices. The Sensex was up 401 points at 60056 and the Nifty gained 119 points at 17743. The Nifty opened on a flat note and saw consolidation for the first half of the trading session. Action picked up in the second half and Nifty managed to close above 17700, suggesting it has started the next move higher. On the daily chart, the Nifty has managed to hold the lower end of the rising channel and the 200-day moving average (17625), which is a bullish sign. The daily momentum indicator has a negative crossover and as prices have resumed their upward movement, it is likely that the momentum indicator will offer a positive crossover in the next few trading sessions. Considering the parameters above, we change the short-term outlook to positive and expect the Nifty to target 18000 levels. In terms of levels, 17700-17600 should act as a crucial support zone, while 17850 - 17900 is the immediate hurdle zone for the Nifty.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

The securities quoted are for illustration only and are not recommendatory.

NIFTY WEEKLY OUTLOOK FOR 24 APRIL TO 28 APRIL 2023

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Benchmark indices ended unchanged in the volatile session on April 21st. At the close, the Sensex was up 22 points, or 0.04% , to 59655 and the Nifty was down 0.50 points, or flat to 17624. The market's current focus is on the ongoing Q4 sector, which is showing negative bias as initial results are below expectations, particularly in the IT sector, although some IT midcaps could beat market expectations. However, banking is showing signs of sustained strength. With global sentiment cautious on expectations of another rate hike and mixed earnings in the US, the market trend was impacted over the week as foreign institutional investors retreated. . Technically, Nifty has formed a long bearish candle on weekly charts that is mostly negative. After a short-term correction, the Nifty has consistently taken support near the 200-day SMA (Simple Moving Average). For the traders, 17600 would be the immediate support level while 17700 could act as a key resistance zone. Below that, the market could slip as low as 17500-17400. Above 17700 the chances of reaching 17800-18000 would become good. Meanwhile, Bank Nifty is seeing range bound activity with 42500 acting as a key resistance zone and above that it could rally to 42800-43000. On the downside, the index could slip below 42200 to 42000-41500.

NIFTY BANKNIFTY OUTLOOK FOR 21 APRIL 2023 FRIDAY

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Benchmark stock market indexes ended marginally higher on Thursday after falling for three consecutive sessions. It appears that investors will remain cautious on any important upcoming results. The Sensex traded 64 points higher at 59632 while the Nifty closed 5 points higher at 17624. Both indices had posted strong gains earlier in the day but failed to maintain momentum as investors turned cautious. Movements in the domestic stock market will depend largely on HCL Tech Q4 results, which are due later in the day. It should be noted that IT stocks remain shaky following the weaker than expected Q4 earnings update from TCS and Infosys.Technically, after the gap-up open, the market saw profit bookings at higher levels which came in at 17650-60100. We think 17850-60500  will now act as a key resistance area for traders. In addition, the market can rise to 17900-18000. On the downside, selling pressure might rise below 17500-59700. Below that, the index may retest the 17400-17300/59500 -59300 levels. The strategy should be to buy between 17600 and 17500. To do this, keep a stop loss at 17450 -59500. For Bank Nifty, 42500 and 42600 would be resistance and support stands at 41500.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

NIFTY OUTLOOK & LIVE TRADING TIPS FOR 20 APRIL 2023

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Benchmark indices ended the volatile April 19 session lower. The dark clouds of weak Q4 numbers haunt the domestic market, leading to a third straight decline for the week. IT stocks continued their selling spree ahead of earnings releases from other tech majors. Mild hints from global peers are also causing havoc as market prices anticipate the possibility of another rate hike by the Fed. The biggest risk for the market today is a downgrade in corporate earnings forecasts. Finally, the Sensex was up 159 points at 59567 and the Nifty was up 41 points at 17618. While markets have seen FIIs reduce equity exposure in recent sessions, the recent dismal earnings numbers from select IT companies at the forefront have been a sour spot that has prompted broad-based selling, particularly in IT switches. Currently, the Nifty is trading near the 200-day SMA (Simple Moving Average) level and the texture suggests a strong possibility of a renewed rally from the current levels only after it clears 17650. Above that, the index might retest the 17700 -17800 level. On the downside, the corrective wave is likely to continue and could slide to 17600-17500 as long as the index trades below 17650.

Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400

NIFTY BANKNIFTY OUTLOOK FOR 19 APRIL 2023 WEDNESDAY

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Markets remained in negative territory for most of the trading session, ending a second straight day on the weak as selective profit-taking in banking, energy and FMCG stocks weighed. However, buying of real estate and metals stocks limited the downside. At the close, the Sensex was up 183 points, to 59727 and the Nifty was up 46 points, to 17660. Technically, after the gap-up open, the market saw profit bookings at higher levels which came in at 17650-60100. We think 17850-60500  will now act as a key resistance area for traders. In addition, the market can rise to 17900-18000. On the downside, selling pressure might rise below 17500-59700. Below that, the index may retest the 17400-17300/59500 -59300 levels. The strategy should be to buy between 17600 and 17500. To do this, keep a stop loss at 17450 -59500. For Bank Nifty, 42500 and 42600 would be resistance and support stands at 41500.

Resistance: 17700, 17850, 18000

Support: 17600, 17500, 17400