Nifty Outlook 18th May

Yesterday was very important trading session for Nifty.

It opened very weak, lost more than 2%, then bounced back on the back of short covering and finally closed 0.66% down from Friday's close.

European markets are getting choppy.
Their currency Euro is also losing sheen and touching multi-year low.

Its putting a lot of pressure on Indian markets.
Daily we are experiencing a lot of weakness and outlook is very bleak.

To remain in bullish zone, although weak even then, Nifty must close above 5002 level.

Below closing 5000 level is a bad omen for Nifty and Nifty may test 4892 level.

To regain full strength Nifty must close above 5172 level.
If this level is achieved then Nifty may recoup 5400 level.

Till then its a roller-coaster ride in Nifty with bouts of up and down trends.

We advise traders to stay long with closing SL of 5002 in Nifty spot.

Had someone not followed closing basis SL on Monday in Nifty then he had to pay a hefty penalty for it as Nifty bounced back from the dust to close up more than 50 points.

 

Nifty Pivot 5038
Support 5024-4989-4963
Resistance 5076-5102-5132