The Nifty 50 index continues to move higher, surpassing one resistance zone after another. Although it cooled off nearly 60 points from the day's high on Monday, it managed a close near 18,400 and also gained in fifth out of the last six trading sessions.

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However, the greater focus though, is on the Nifty Bank. The index came within 0.1 points of surpassing its all-time high of 44,151.8 but failed to do so. It did manage a record closing high though, ending above the mark of 44,000.

What Are The Charts Indicating?

Sameet Chavan, Angel One

Observation: Nifty 50 structure remains strong despite last minute profit booking.

Advice: Use declines towards support zone as a buying opportunity.

Rajesh Palviya, Axis Securities On Nifty Bank

Observation: Futures of May expiry have seen increase in Open Interest by 17 percent with addition of further longs.

Advice: Traders can buy at current levels with appropriate risk-reward.

Rohan Patil, Samco Securities On Nifty 50

Observation: Daily RSI has taken support at 55 levels and is set for a strong reversal with a bullish crossover.

Conclusion: Breakout above resistance will trigger further upside.

Rohan Patil, Samco Securities On Nifty Bank

Observation: Prices remain above its 9 and 21-day Exponential Moving Average.

Conclusion: Will continue to buy the index at current price levels.

Nagaraj Shetti, HDFC Securities

Observation: Underlying strength of Nifty 50 remains positive.

Caution: High wave pattern formed on Nifty 50 daily chart reflecting ongoing volatility at higher levels.

Rupak De, LKP Securities On Nifty Bank

Observation: Close above 44,000 a positive sign.

Caution: Decisive fall below 44,000 may trigger panic.

F&O Cues (May 18 Expiry)

Open Interest Shedding Seen In: 18,300 Call (24 lakh shares) and 18,200 call (11 lakh shares)

Open Interest Addition Seen In: 18,400 and 18,450 Call (18 lakh shares each), along with 18,400 put (40 lakh shares) and 18,350 put (35 lakh shares)

Nifty 50's Put-Call ratio is now at 1.34 from 1.23 on Friday.

Out of F&O Ban: Canara Bank, Manappuram Finance

Remain In F&O Ban: BHEL, PNB, GNFC, Delta Corp

What Do Global Cues Indicate?

SGX Nifty

The Singapore Exchange (SGX) Nifty futures are currently trading 40 points higher at 18,443.5, indicating a positive start for the Nifty 50 in today's session.

Global Markets

US markets saw minor gains on Monday as the focus remains on debt ceiling talks that will resume later tonight.

The Dow Jones snapped a five-day losing streak to end 0.1 percent higher, while the S&P 500 rose 0.3 percent. The Nasdaq added 0.7 percent overnight.

Foreign investors and domestic investors continued to remain net buyers in the cash market at the start of the new trading week.

Let us take a look at what the F&O data is suggesting for specific stocks:

Fresh Longs - Increase in price and Open Interest

Fresh Shorts - Decrease in price but increase in Open Interest

First Published:May 15, 2023 10:33 PM IST