Nifty Levels , Market Strategy & Prediction (Wednesday, 18 May):-
The Indian market opens this morning on a quiet but positive note. Earlier, the US markets ended lower with the Dow losing 68 odd points while Asia is in the green at this hour. Sensex is trading at 18215, up 78 points from its previous close, and Nifty is at 5459, up 20 points.Yesterday Nifty Closed at 5438 points.
Nifty extended losses to more than 1 percent on Tuesday afternoon after the country's top lender, State Bank of India, reported an unexpected sharp plunge in quarterly net profit. The markets continue to trade in the negative and Nifty down -60.05 points or -1.09 % at 5438.95.
Jatinder Sharma, Partner, Equity Strategists says, after trading between 5,450-5,460 and 5,600 for past nine sessions, the market has given very valid technical breakdown. “SBI results may have tilted balance firmly in favour of the bearish outcome,” he adds.
He believes that now the levels to look forward would be around 5,330-5,335. “SBI, Reliance and Tata Steel could be the leaders in this particular fall and they might lead it towards 5,330-5,335 kind of levels,” he adds.
Stocks to watch today ABB ,Cairn India,Lupin,Coal India,Bata,SAIL,Crompton Greaves,Suzlon,Jubilant Foods.
Keep your eyes on Banks and IT companies as they are the most preferred sectors today.
Nifty Support & Resistance Levels Today 18 May:-
Resistance : Its first resistance level is at 5500 and above this level it could test the resistance level near the 5565 points.
Support : Its first support level is at 5380 and below this level it could have support level near 5320 points.
Support : Its first support level is at 5380 and below this level it could have support level near 5320 points.
INTRADAY TIPS TODAY
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