NSE NIFTY (5,473.10)

The NIFTY opened the session on a positive note but the index remained flat throughout the day’s trade. The 5500—5470 levels were the narrow trading range for the NIFTY during yesterday’s session. The NIFTY finally closed the
session at the 5,473.10 levels with a nominal loss of 3 points.

The NIFTY traded the session on an extremely sedate and lethargic note, on the back of below average volumes. On the upside, the NIFTY has stiff resistance between the 5475—5550 levels. The medium term and short term moving averages placed between these levels will act as stiff resistance for the NIFTY. Sustenance above the 5400 levels
will see the NIFTY remain in a broad trading range of 5400—5550 levels for the upcoming sessions.

The recent lows witnessed around the 5350 levels will be the major support level for the NIFTY.

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NSE NIFTY Market View for Friday 27th May

The index traded the session on a very choppy and volatile on the backdrop of the F&O expiry but closed the session with smart gains of 63 points. With the smart up move
witnessed during yesterday’s session the NIFTY is again into its resistance zone of 5400—5475 levels. Sustenance above the 5400--5350 levels will see the index remain in a broad range of 5350—5500 levels over the upcoming few sessions of trade.

The 5380—5350 levels will provide good support for the NIFTY on the downside.
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Today’s supports for the NIFTY are placed at the 5350 and 5375 levels whereas resistances are placed at the 5440 and 5460 levels.

NSE NIFTY Market View

As we had pointed out in our previous daily trading note, the NIFTY slipped below the 5350 levels as it couldn’t sustain above the 5400 levels during the past few sessions of trade. We reiterate that the 5250—5180 levels remain the downside targets for the NIFTY if it sustains below the 5400 levels for the upcoming sessions. On the ownside, the lows witnessed during the month of Feb around the 5200—5170 levels will be the next crucial and meaningful support for the NIFTY.

The 5400-5470 zones will remain as stiff resistance zones for the NIFTY on pullbacks.

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NSE NIFTY Market View

It was a session of consolidation for the markets as theNIFTY spent yesterday’s session trading in a very narrow range. But, the index is still trading below its crucial support zones. Sustenance, below the 5400—5470 levels over the upcoming sessions of trade will mean that the NIFTY is still weak. The 5350 levels is the next near term support for the NIFTY on the downside. A break below the same will open
up downside targets of 5250—5170 levels in the NIFTY.
Upside resistances are placed between the 5450—5475 zones and the bears will infuse fresh supply pressure into the markets between these levels.

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