DAILY NIFTY OUTLOOK For 17 MAY 2024

The benchmark index continued the up streak consecutively fifth day in a row amid positive global cues. Index exhibited notable volatility throughout the session, culminating in a strong surge during the final hours, propelling the Nifty to close at 22403.85 levels on Thursday. Similarly, Banknifty closed positively at 47977.05, marking a gain of more than half a percent. 

Sector-wise, Nifty Realty, Media, and Capital Goods emerged as top gainers, contrasting with the lag witnessed in the Metal sector. Individual stocks such as HAL, OBEROIRLTY, M&M, and PFC displayed robust momentum, each contributing over 4% gains during the trading day.
In derivatives, significant open interest was observed at the 22500 call side and 22000 put side strike prices, reflecting market sentiment and potential price movements.

From a technical standpoint, the Nifty index rebounded near critical support levels around 22000 and its 100-day Simple Moving Average (SMA). Trading above the 50-day Exponential Moving Average (DEMA) and a rising trendline support, the index suggests a bullish trajectory unless it drops below the 22000 mark.
Hence, market momentum may remain positive with high volatility and traders are advised to adopt a 'buy on dips' strategy, emphasizing a selective approach towards individual stocks. 
 

                                        Domestic benchmark indices began higher amid global optimism

Nifty, Bank Nifty Levels and  FINNIFTY Levels: