Deepak Jasani, Head of Retail Research, HDFC Securities –
“Indian benchmark equity indices gave up some of the previous session gains and the Nifty ended 0.52 percent lower at 15030 on May 19. Nifty opened lower, made a few attempts to rise and stay in positive territory, but failed. Nifty made a double top – the same as the previous day and later fell to enter the upgap area. Lower volume on May 19 suggests absence of enthusiasm on the part of traders at these levels especially in the face of the negative inflation and commodity price data and release of US Fed minutes. 14938-14967 will be the support for the Nifty while 15137 will act as a resistance.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“The index is facing resistance at higher levels. In the last couple of instances, the Nifty has crossed 15000 with gusto and has turned back from there. If we can sustain above the 15150 level, we will break out on the upside and climb towards 15400. On the downside there is a good support at 14700 and as long as that is holding, the market trend remains positive. If we break 14700 on a closing basis, we will drift downward to 14400.”
Manish Shah, Founder, Niftytriggers –
“Nifty closed the day marginally lower. It was a narrow ranged day after two days of solid rally. The price action suggests a pause after the thrust. The support for Nifty is within 14950-15000 area and any dips to this zone should provide buying opportunity. Nifty should not break below the support at 14750 and some leeway could be given to this number. On the lower time frame charts a break above 15150 could signal continuation of the up move. Nifty offers one of the best buying opportunities in last three months and we should see a rally to 15450-15500 before end of current expiry. Punts on the long side would prove fruitful.”
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Vinod Nair, Head of Research at Geojit Financial Services –
“The recent sharp rally has triggered some caution for the near-term. The global market was tentative ahead of the announcement of Fed minutes, this was mirrored in the domestic market, though it is not expected to hawkish. Optimism gained from declining covid cases resisted a sharp correction in domestic market.”
Post marketplace comment by Mohit Nigam, Head – PMS, Hem Securities –
“Short covering may not be ruled out ahead of Nifty and Bank weekly expiry tomorrow. Realty stocks like Oberoi Realty and Godrej Properties were positive on hope that demand will be back after pandemic cases fell to below 1000 in the Financial Capital Mumbai. Many stocks declined sharply during the lockdown period and can see positive momentum in case of lifting lockdown. Coal India, Cipla and Sun Pharma were among the top gainers in Nifty 50 while Tata Motors, JSW Steel and HDFC were among the top losers in Nifty 50 today. Immediate support is intact at 14,800 and closing above 15,000 is positive for fresh highs for Nifty 50.”