Nifty 50 Trading view for 05 May 2023
Güncellendi
Nifty50 closed at 18089 as there was selling pressure observed in metal, banking, and technology stocks. SGX nifty signals a neutral to gap down opening. Markets closed lower prior to the US Fed policy meeting. Strong buys from FIIs saved the day along with strong economic data. FIIs' cash purchase was 1338 CR and DIIs bought 584 CR (Net positive of 754)
As expected, the US Fed declared a 0.25% hike in interest rates. They also pointed out that there could be a pause in future hikes. This is positive news and hopefully, a 0.25% increment would have already been factored in our earlier trades. But quite interestingly US stocks ended in the red, shedding their gains. This could be due to banking crisis worries and the debt ceiling (US govt payment obligations as of June 1st).
Today the market is expected to be in the range of 18200 on the upper side and 17975 on the lower side. The overall sentiment is neutral to bullish, as Nifty has managed to stay afloat above 18000. As mentioned earlier, it's important for the index to retain its position above 18000 levels and cross 18233 levels to see further upside. Suggested to trade in limited quantities with strict stop loss or hedging strategy.
Support and Resistance:
Resistance: 1.64 CR Call OI buildup @ 18200 level. A huge call writing was observed at the 18100 and 18200 levels.
Support: 1.22 CR Put OI buildup @ 18000 level (STRONG SUPPORT @ 18000 LEVEL)
17800 still seems to be a crucial support level (make or break level)
Do keep a close watch on these levels and nearby strike prices to determine the next move in the market.
It is important to keep a close watch on VIX as it dropped to 11.84 (0.48%). This index confirms risk sentiment in the market.
Chart Pattern:
A small red hammer was formed after six consecutive green candles. There could be possible consolidation or minor weakness observed in the next 1 to 2 sessions. Apart from 18000, 17900 also seems to be a crucial support for the index.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 18120 >>>>> Buy ITM 18100 CE. (TGT 18180 | SL 18075)
DOWNSIDE TRADE:
Sell only below 18050 >>>>> Buy ITM 18100 PE (TGT 17980 | SL 18100)
Things to account for 05 May 2023:
1. The Fed raised the interest rate by 25bps. A pause is expected in further rate increases as highlighted by the Fed.
2. DOW JONES Down -270.29, OR -0.80 PERCENT, AT 33414 despite opening positive 33,726.64. This can have a bearing on today's trade.
3. Corporate Results:
Housing Development Finance Corporation, Hero MotoCorp, Adani Enterprises, Dabur India, Tata Power, TVS Motor, Sundram Fasteners, 360 ONE WAM, Aptus Value Housing Finance, Blue Star, Bombay Dyeing & Manufacturing Company, CEAT, FirstSource Solutions, IDFC, Jammu & Kashmir Bank, Mindspace Business Parks REIT, and United Breweries.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
As expected, the US Fed declared a 0.25% hike in interest rates. They also pointed out that there could be a pause in future hikes. This is positive news and hopefully, a 0.25% increment would have already been factored in our earlier trades. But quite interestingly US stocks ended in the red, shedding their gains. This could be due to banking crisis worries and the debt ceiling (US govt payment obligations as of June 1st).
Today the market is expected to be in the range of 18200 on the upper side and 17975 on the lower side. The overall sentiment is neutral to bullish, as Nifty has managed to stay afloat above 18000. As mentioned earlier, it's important for the index to retain its position above 18000 levels and cross 18233 levels to see further upside. Suggested to trade in limited quantities with strict stop loss or hedging strategy.
Support and Resistance:
Resistance: 1.64 CR Call OI buildup @ 18200 level. A huge call writing was observed at the 18100 and 18200 levels.
Support: 1.22 CR Put OI buildup @ 18000 level (STRONG SUPPORT @ 18000 LEVEL)
17800 still seems to be a crucial support level (make or break level)
Do keep a close watch on these levels and nearby strike prices to determine the next move in the market.
It is important to keep a close watch on VIX as it dropped to 11.84 (0.48%). This index confirms risk sentiment in the market.
Chart Pattern:
A small red hammer was formed after six consecutive green candles. There could be possible consolidation or minor weakness observed in the next 1 to 2 sessions. Apart from 18000, 17900 also seems to be a crucial support for the index.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 18120 >>>>> Buy ITM 18100 CE. (TGT 18180 | SL 18075)
DOWNSIDE TRADE:
Sell only below 18050 >>>>> Buy ITM 18100 PE (TGT 17980 | SL 18100)
Things to account for 05 May 2023:
1. The Fed raised the interest rate by 25bps. A pause is expected in further rate increases as highlighted by the Fed.
2. DOW JONES Down -270.29, OR -0.80 PERCENT, AT 33414 despite opening positive 33,726.64. This can have a bearing on today's trade.
3. Corporate Results:
Housing Development Finance Corporation, Hero MotoCorp, Adani Enterprises, Dabur India, Tata Power, TVS Motor, Sundram Fasteners, 360 ONE WAM, Aptus Value Housing Finance, Blue Star, Bombay Dyeing & Manufacturing Company, CEAT, FirstSource Solutions, IDFC, Jammu & Kashmir Bank, Mindspace Business Parks REIT, and United Breweries.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
İşlem kapandı: hedefe ulaştı
SAFE TO BOOK PROFIT @ 18170. ACHIEVED 50 POINTS PROFITUPSIDE TRADE:
Buy only above 18120 >>>>> Buy ITM 18100 CE. (TGT 18180 | SL 18075)
İşlem kapandı: hedefe ulaştı
TARGET ACHIEVED: 1818060 POINTS PROFIT
UPSIDE TRADE: Buy only above 18120 >>>>> Buy ITM 18100 CE. (TGT 18180 | SL 18075)
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