Nifty Today Outlook Report - 19th May, 2022
Last Updated: 10th December 2022 - 03:38 pm
Post a sharp up move on Tuesday, our markets started trading for the day on a positive note and almost tested 16400 mark. However, it gave up the morning gains in the later part of the day and ended tad below 16250 with a marginal loss.
Nifty has given a sharp pullback from the recent swing lows and has almost tested the 16400 mark today. The index was dealing with the resistance around 16400 as it is the 38.2% retracement of the recent corrective phase from 12415 to 15735. In case the markets resists here and is unable to surpass this hurdle, then it could lead to a correction again in the near term. Above 16400, next hurdles will be seen around 16520 and 16575.
Nifty Today:
Any change of trend needs a change in structure in form of a ‘Higher Top Higher Bottom’ and till then such upmoves should just be seen as a pullback. Hence, traders should avoid aggressive buying and look to book profits around resistances. On the flipside, the intraday supports for the coming session are placed around 16170 and 16100.
Nifty Levels |
Bank Nifty Levels |
|
Support 1 |
16170 |
33980 |
Support 2 |
16100 |
33800 |
Resistance 1 |
16355 |
34500 |
Resistance 2 |
16472 |
34840 |
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5paisa Research Team
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