May 24, 2023 / 09:06 AM IST
Nifty faces a crucial resistance at 18500: Prashanth Tapse, Senior VP (Research), Mehta Equities
The uncertainty surrounding global stock markets due to talks on the U.S. debt ceiling continues to create ripples, casting a shadow on the SGX Nifty (-74, 18288). With the Fed meeting minutes expected later today, the crucial deciding factor lies in the balance. As we tread cautiously, let us remember that Nifty’s true upward journey begins beyond the 18503 mark, while Bank Nifty awaits its breakthrough at 44153.
Amidst overbought technical conditions, it is prudent to exercise caution and keep a watchful eye on Nifty’s make-or-break support at 18181. In these times, the reassuring presence of net buyers, both FIIs and DIIs, at Dalal Street serves as a glimmer of hope.
Amidst the trading range of 18000-18800, Nifty faces a crucial resistance at 18500, while support rests at 18181. Caution is advised in the face of overbought conditions. A breakthrough beyond 18503 could lead Nifty to aggressive targets at 18888.
Similarly, Bank Nifty’s breakthrough at 44153 could propel it towards the psychological 45,000 mark. The positive catalyst lies in the net buying of shares by both FIIs and DIIs at Dalal Street. Let us closely watch Q4 earnings today, with companies such as Hindalco, NALCO, Oil India, Cummins India, and others sharing their performance.
Read More: Sensex, Nifty trade in the green; Nykaa, Hindalco down ahead of Q4 earnings