The Nifty 50 index will look to add to its third straight weekly advance as it attempts to breakout of a key resistance zone and head higher.

Share Market Live

NSE

After last Monday's surge, the index entered snooze mode and added only 50 points over the next four trading sessions.

What Do The Global Cues Indicate?

SGX Nifty

The Singapore Exchange (SGX) Nifty futures are currently down by 67.5 points, indicating a negative start to the new trading week for the Nifty 50.

Global Markets

Asian markets have opened mixed this morning. The Nikkei 225 and Topix are up 0.5 percent each, while the Kospi and Kosdaq are down 0.2 percent and 1 percent respectively.

Benchmarks on Wall Street recovered from the day's low on Friday but still closed in the negative after University of Michigan data suggested that consumer sentiment fell to a six-month low.

The Dow Jones and S&P 500 ended flat but posted a second straight weekly loss. The Nasdaq fell 0.3 percent on Friday. The Nasdaq managed a 0.4 percent weekly advance.

What Do The Chartists Say?

Nagaraj Shetti, HDFC Securities

Observation: Formation of long bull candle with minor upper shadow.

Short-term trend for Nifty 50: Rangebound with positive bias.

Osho Krishnan, Angel One

Observation: Sustaining of the Nifty 50 at the higher end of the consolidation range indicates strength

Advise To Traders: Use dips to add long positions on the index.

Rohan Patil, SAMCO Securities

Observation: Horizontal trendline breakout on the Nifty 50 daily chart.

Outlook: Bulls in control and can take the Nifty 50 higher.

The Nifty Bank gained over 1,000 points last week, recovering all that it lost on May 5. The index is now just 350 points away from its all-time high of 44,151.

Kunal Shah, LKP Securities

Observation: Intraday dip used to maintain strength.

Key Levels To Watch

Open Interest addition seen in 18,500 strike call of May 18 expiry (22.2 lakh shares)

Open Interest addition seen in 18,200 put (39 lakh shares) and 18,300 put (21.7 lakh shares)

Nifty 50's Put-Call Ratio now at 1.23 from 1.3 on Thursday

GNFC and Delta Corp are back in the F&O Ban, joining Canara Bank, Manappuram, BHEL and PNB, who remain in the ban period.

For today's trading session, the market will react to strong earnings from Tata Motors as well as commentary from Cipla's management post its quarterly results.

Inflation numbers reported after market closing on Friday may also have an impact on the way the market moves.

Foreign Investors continued to remain net buyers in the cash market, while domestic investors were sellers on Friday.

Here is a look at what F&O data is suggesting for specific stocks:

Fresh Longs - Increase In Price & Open Interest

Fresh Shorts - Decrease In Price But Increase In Open Interest

First Published:May 15, 2023 5:50 AM IST