Nifty Spot View: 22/05/2023
CMP: 18203.40
Moving AVG (EMA) 20 Hour & 40 Hour: 18185 & 18219
Moving AVG (EMA) 20 Day & 40 Day: 18094 & 17917
Support & Downside Range: 18190—18170—18138--18098
Resistance & Upside Range: 18249—18260—18297--18325
Short Term Trend Reversal Level: -- 18060.40
Trading View: In today's trading session if we open gap down then key support to watch is 18190—18170 zone & 18138 levels any dip in this zone is a good buying chance by keeping pattern negation level below 18098 or 18060 spot levels whereas upside 18260—18297 acts as immediate resistance if this manage to hold then we might see a sideways market minimum till 1pm today.
After the correction last week, though late by 1 week as per us, markets should try consolidating in a range, which should give us good scalping opportunities in the Index. Trade professionally using our Nifty & bank nifty option tips on a daily basis.
The news fron RBI about ₹2000 notes being taken out of business has nothing to do with economy or stock markets. US debt ceiling can be a dampener in this week, but it's a wait and watch situation.
