Nifty & Banknifty Levels and Trading Strategy for 20th May. Stock Of The Day.

Nifty & Banknifty Levels and Trading Strategy for 20th May. Stock Of The Day.

We started this week on a positive note on Monday and continued the sentiment on Tuesday to crossed and sustained above major technical and resistance level of 15000 in Nifty50. But yesterday, 19th May we saw some profit booking and which was driven by the global market especially the upward inflation concern in the US, weak Dollar and indication of tempering bonding US bond market from in the US Fed meeting minutes.

Overall the Nifty still holding the key level 15000 before the weekly expiry.

The last close of BSE Sensex at 49,902.64 fell 290 points while the Nifty50 declined 78 points, to 15,030.20 on 19th May.

The US markets recovered from the sharp fall and closed in mild red less than 1%. European markets were also closed on a negative note yesterday. The Asian markets are largely flat to positive today.

The Singapore SGX NIFTY is indicating is in green indicating flat to positive opening.

From provisional data available on the NSE Foreign institutional investors (FIIs) net sold shares worth Rs 697.75 cr in cash, while Domestic Institutional Investors (DIIs) net shares sold worth Rs 852.52 cr from the cash market on 19th May.

Key levels to watch. As we already told you in our daily series Kal Ki Baat Aaj that for Nifty fut the important resistance at 15170 to 15247 are key resistance on the upper side and 15127 is an intraday support. If the Nifty will not cross 15170 on the up-side and breaks 15127 we will see sharp panic. The first downside support is 14970 – 14947.

Banknifty still strong if sustain above 34256 and may kiss 34760 – 35156. Suppose not cross 34256 and stay below 33870 we will see more panic up to 33670 – 33456.

The government released a statement after the meeting chaired by PM Narendra Modi on the prices of fertilizer stated that, the government has decided to increase the fertilizer subsidy outlay for the year by 14,775 cr.

Quarterly results of Indian Oil Corporation (IOC) are above expectation as the cash flow increased this may change the overall rating companies view on the PSU oil marketing companies.

Today we are focusing on Pharma, Consumption and Auto stocks. Today is the weekly options expiry we are expecting the range-bound market today.
The stock of the day UBL.

 

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