NIFTY ON 18-05-2023
Except BANK and FINANCIAL SERVICE all the sectors took the heat today as Index failed to sustain the crucial 18225-200.The sell-off continued despite a gap-up opening , Buying from FIIs and positive global cues coming from Japan and US.
PHARMA and FMCG shaded more than 1% while AUTO and METAL lost more than 0.50% during intraday.
NIFTY finally closed at 18129.95 with a loss of 0.28% making a long Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Long bearish candle which may be inferred as the indication towards further sell off.
NIFTY is moving above EMA 21, 34 and below 13 EMA which could be taken as the indication of trend reversal from current level in short term. Now the EMA 21 is the most crucial level to watch.
RSI fell further below which indicates that the Index is losing the strength.
Support and Resistance : Daily Chart
NIFTY has support at 18107-18074 level. Below this 18010 will work as strong support for Index. On upper side NIFTY will face resistance near 18184-18228 Level. Above this 18262 will work as strong resistance.
Options Chain Analysis:
The Options data analysis reveals that huge call writing has taken place at 18200 CE 25MAY 2023 which has 8159350 Shares as OI out of which nearly 50 Lakh Shares have been added today itself and thus it will work as strong hurdle for NIFTY tomorrow.
On the other-hand the OI at 18100 PE and 18000 PE ( 25MAY 2023 ) stand highest as 4484700 and 5403200. Hence this level will work as strong support for tomorrow.
View for Traders:
Having a glance at the factors which impact Indian Equity Markets we find that:
F&O FII DII GLOBAL TECHNICAL INDICATORS CONCLUSION
NEUTRAL POSITIVE NEGATIVE NEUTRAL NEGATIVE RANGE BOUND MARKET WITH TRADING CHANCES ON BOTH SIDES
So, we have 2 Negative factors, 1 positive factor and 2 neutral factor. Concluding these factors, we can say that there are high chances that tomorrow’s session may be a range bound one where traders will get chances on both sides.
Hence, the probable trading range for tomorrow’s session seems to be 18075-18225.
NIFTY can be bought in the range of 18100-125 for target of 18175-200. SL may be put below 18075.
Sell NIFTY in the range of 18200-225 for Targets of 18150-125. SL may be put above 18250.
SL must be put for all the trades whether it is on the long side or the short side as the levels may or may not be respected.
Picks for tomorrow
1. SHRIRAM TRANSPORT
Buy in the range of 1340-1346
Target 1367
SL 1330
2. SBI CARDS
SELL in the range of 880-877
Target 860
SL 890
Positional Traders may hold the position for target of 848
Except BANK and FINANCIAL SERVICE all the sectors took the heat today as Index failed to sustain the crucial 18225-200.The sell-off continued despite a gap-up opening , Buying from FIIs and positive global cues coming from Japan and US.
PHARMA and FMCG shaded more than 1% while AUTO and METAL lost more than 0.50% during intraday.
NIFTY finally closed at 18129.95 with a loss of 0.28% making a long Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Long bearish candle which may be inferred as the indication towards further sell off.
NIFTY is moving above EMA 21, 34 and below 13 EMA which could be taken as the indication of trend reversal from current level in short term. Now the EMA 21 is the most crucial level to watch.
RSI fell further below which indicates that the Index is losing the strength.
Support and Resistance : Daily Chart
NIFTY has support at 18107-18074 level. Below this 18010 will work as strong support for Index. On upper side NIFTY will face resistance near 18184-18228 Level. Above this 18262 will work as strong resistance.
Options Chain Analysis:
The Options data analysis reveals that huge call writing has taken place at 18200 CE 25MAY 2023 which has 8159350 Shares as OI out of which nearly 50 Lakh Shares have been added today itself and thus it will work as strong hurdle for NIFTY tomorrow.
On the other-hand the OI at 18100 PE and 18000 PE ( 25MAY 2023 ) stand highest as 4484700 and 5403200. Hence this level will work as strong support for tomorrow.
View for Traders:
Having a glance at the factors which impact Indian Equity Markets we find that:
F&O FII DII GLOBAL TECHNICAL INDICATORS CONCLUSION
NEUTRAL POSITIVE NEGATIVE NEUTRAL NEGATIVE RANGE BOUND MARKET WITH TRADING CHANCES ON BOTH SIDES
So, we have 2 Negative factors, 1 positive factor and 2 neutral factor. Concluding these factors, we can say that there are high chances that tomorrow’s session may be a range bound one where traders will get chances on both sides.
Hence, the probable trading range for tomorrow’s session seems to be 18075-18225.
NIFTY can be bought in the range of 18100-125 for target of 18175-200. SL may be put below 18075.
Sell NIFTY in the range of 18200-225 for Targets of 18150-125. SL may be put above 18250.
SL must be put for all the trades whether it is on the long side or the short side as the levels may or may not be respected.
Picks for tomorrow
1. SHRIRAM TRANSPORT
Buy in the range of 1340-1346
Target 1367
SL 1330
2. SBI CARDS
SELL in the range of 880-877
Target 860
SL 890
Positional Traders may hold the position for target of 848