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Nifty has formed a long bullish candle, which is positive in the short term.

Amid mixed global cues, Nifty opened higher at 15912, and extended gains as the day progressed. It comfortably closed above 16200.

Nifty gained 2.6 percent to close at 16259 on sustained buying, especially in metal, auto and banking names.

Markets witnessed a sharp relief rally as the recent slump had put key indices in an oversold territory. Traders covered their short positions in several beaten down stocks that propelled key benchmarks today.  However, the rally could be short-lived as the unabated FII selling coupled with concerns of further rate hikes to tame inflation may fuel volatility.

After a long gap, Market has witnessed a strong resilience supported by heavyweights and broader markets. Market was trading at oversold territory and was inspired by optimism in the Asian markets led by Chinese technology stocks, in hopes of easing regulatory crackdown and declining covid cases.

Much watched LIC’s IPO showed a subdued listing. However, we believe that LIC is a decent investment opportunity in the short to medium term, considering its deep discount valuation, strong market presence, improvement in future profitability due to the changes in surplus distribution norms and strong sector growth outlook.

Traders covered their short positions in several beaten down stocks that propelled key benchmarks. Rally, however, could be short lived as unabated FII selling and concerns over further rate hikes to tame inflation may fuel volatility.

Nifty was trading in a sideways manner for the last couple of sessions. Nifty had formed a Doji pattern on the daily chart, which was a sign of indecision in the minds of the market participants.

In terms of the price patterns, Nifty had formed a triangular pattern on the hourly chart. Nifty broke out from this indecisive phase on the upside.

Near term trend shall remain positively biased as long as the index sustains above 15900 level.

A close below 15900 would see the positive momentum dissipate and may induce more weakness in the market. While dips may look like a buying opportunity, technical stop loss levels will remain below 15900.

On the way up, Index crossed 16000 as well as the key hourly moving averages, which reinforced the bulls. All these observations suggest that the Nifty has turned its short term trend positive.

Going ahead, 16480/16500 will be the initial target area from the short-term perspective. On the flip side, 16100/16000 will now act as a near term support zone.

Markets witnessed a sharp relief rally as the recent slump had pushed key indices into oversold territory.

Trend following traders, 16150 would be the deciding level, above which momentum is likely to continue to 16380/16450.

A quick intra day correction is possible if the index slips below 16150. Nifty can then retest 16080/16050.

A close below 15900 may induce more weakness in the market. While dips may look like a buying opportunity, technical stop loss level would remain below 15900.

All the sectoral indices ended higher with metal index up over 7 percent and all other sectoral indices up between 1/3 percent.

Daily Technical Report | 17th May 2022
Nifty & Bank Nifty Levels | 17th May 2022
LevelsNiftyBank Nifty
Prev. Close1724536422
S11715836206
S21707136048
S31700035747
S41695835511
R11732236679
R21739636812
R31746937056
R41754737248

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B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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