Nifty Today Outlook Report - 19th May, 2022

Ruchit Jain Ruchit Jain

Last Updated: 10th December 2022 - 03:38 pm

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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

 

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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