Nifty started on a positive note amidst the US debt ceiling deal

resr 5paisa Research Team

Last Updated: 30th May 2023 - 01:18 pm

Listen icon


Nifty50 29.05.23.jpeg

Nifty started the week on a positive note amidst positive news over the weekend on the US debt ceiling deal. However, post the gap up opening the index consolidated within a narrow range on Monday and ended around 18600 with gains of over half a percent.

Market participants seemed to be relieved as the uncertainty over the US debt ceiling deal was over in the weekend. However, our markets had already given a breakout above the 18450 resistance on Friday and confirmed a resumption of the uptrend. The Bank Nifty index importantly witnessed a positive momentum post the recent consolidation and it registered a milestone of new record high. FIIs have rolled over more of long positions in the index futures segment to May series and they added more longs leading their long positions to over 60 percent. This indicates a positive bias from the stronger hands and since both the Nifty as well as the Bank Nifty index have kept their respective 20 DEMA supports intact, the overall trend remains positive. In options segment, 18500 put option is witnessing a rise in open interest while 18600 and 18700 call options have decent open interest outstanding. The Midcap index too is trading at its all-time high indicating buying interest in the broader markets. Hence, traders are advised to continue to trade with the trend and look for buying opportunities from a short term perspective.

The immediate support for Nifty is now placed in the range of 18500-18420 while resistance is seen around 18700/18800. 
 

Take Charge of Your F&O Investments!
Discover strategies and Trade in F&O the smart way!
  • Margin Plus
  •  FnO360
  • Rich Data
  • Derivatives Strategies
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Futures and Options Related Articles

Time Decay

by Tanushree Jaiswal 30th May 2024

Open interest data hints at a consolidation in index

by 5paisa Research Team 27th Feb 2024

New record for Nifty as index surpasses previous high

by 5paisa Research Team 19th Feb 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form