Nifty Outlook for 24 May 2023

Nifty started trading for the day on a positive note and consolidated within a range for most part of the day. The index gave up some of the gains during the end and closed around 18330 with marginal gains. 

Nifty Today:

During last week, Nifty initially corrected from the retracement resistance level of 18450 upto its 20 DEMA support. The index witnessed an upmove from this support, but has not yet surpassed the high of 18450. In options segment, 18400 call options witnessed rise in open interest indicating hurdle at 18400-18450 and thus, it seems that we may see some consolidation before a directional breakout. This should be seen as a time-wise corrective phase and a breakout above 18450 would lead to a resumption of the uptrend. The recent movement in INR has been a concern off-late and incase if it breaks above 83 mark, then it could lead to some higher volatility in the equities as well. Looking at the data, we advise traders to trade with a stock specific approach and keep a close watch on the data mentioned above. The immediate supports for Nifty are placed around 18280 followed by 18200. 

                                                                 Nifty approaches resistance zone of 18400-18450

The Bank Nifty index is consolidating within a range since last one week. The immediate hurdle is seen around 44100-44150 range which if taken out, then will lead to a trended phase on the higher side.

Nifty, Bank Nifty Levels and FINNIFTY Levels: