Market Outlook for 15 May 2024

Nifty started the marginally positive and witnessed buying interest on intraday dip. This led to a positive momentum throughout the day and it ended above 22200 with gains of half a percent.

In Monday’s session, Nifty witnessed a pullback move from the support of 100 DEMA and formed a bullish hammer pattern. The follow up move above the high of the candle on Tuesday confirmed a reversal and hence, we saw buying interest in the broader markets which resulted in a healthy market breadth. RSI has given a positive crossover on the hourly chart from the oversold zone. However, the immediate resistance is around 22270 which is the 40 DEMA and we witnessed that level acting as a resistance on Tuesday. FIIs positions in the index futures were also short heavy and as the index has approached the support, we could see short covering and fresh buying interest. Hence, traders are advised to trade with a positive bias and look for buying opportunities on intraday declines. The low of 21800 now becomes a sacrosanct and becomes the level to change the bullish view on the index. Only a breakdown below this will lead to a price wise corrective phase. The intraday supports for Nifty are placed around 22100 and 22000 while resistances are seen around 22270 & 22307. A breakout above this could lead the index towards 22420. 

                                            Nifty turns lower ahead of weak global cues

Nifty, Bank Nifty Levels and  FINNIFTY Levels: