18200 breached (5th May 2023)

1. U.S Markets closed lower yesterday.

2. It's been a hat trick of consecutive downward days in U.S Markets.

3. Markets have closed in deep red for 3 consecutive trading sessions now.

4. Right now Dow Futures are slightly higher.

5. SGX Nifty is down 70-80 Points.

6. Asian Markets are mostly lower.

7. Yesterday , once again it was a pleasant surprise on the expiry day.

8. Markets indicated a big gap down opening close to 18k.

9. Surprisingly, markets opened above 18100

10. It was a trending sort of expiry.

11. There were few small dips on between but majorly the markets were trending higher.

12. Last 30 minutes there was a combined breakout in both nifty and bank nifty.

13. Markets closed significantly higher above 18200 on Nifty and 43500 on Bank Nifty which were the major resistance levels.

14. Both the FII's and the DII's were net buyers yesterday.

15. FII's bought for 1443 crore whereas DII's bought for a small sun of 462 crore.

16. These numbers now justify the Market momentum yesterday.

17. Now 18200 on Nifty and 43500 on Bank Nifty become immediate support.

18. If this support is broken we will be heading towards 18k once again.

19. Else we would be moving all the way towards 18500.

20. This is a surprising and ferocious rally which has taken everybody by surprise including me.

21. It's better not to think much about other stuff and just trade levels.

22. Nifty might trade between 18150 to 18350 today.

23. stockmarketadvisory.in

Comments

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