Free Intraday Tips: 18th May (Friday)

free intraday tips bull vs bearThe Nifty50 which started with a small gap on the higher side in morning trade on Thursday failed to garnet momentum as bears took control of D-Street in the first 15-minutes of trade. The index witnessed strong selling pressure throughout the session which made a ‘Bearish Belt Hold’ kind of pattern on the daily candlestick charts. A ‘Bearish Belt Hold’ pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and small lower shadow. In Thursday’s price action, Nifty50 opened at 10,775.60 and rose marginally to 10,777.25 which made a small or non-existent upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-double exponential moving average (DEMA) placed at 10,737, and 13-DEMA at 10,712.

Tomorrow’s Market Prediction

Friday market is expected to be volatile and will expect another sideways movement from market. One dip is expected from the market and once again buying on dips strategy is recommended in Friday session. Despite Index down by more than half % Advance Decline ratio on NSE is positive where Advances were 931 and Decline were 857 shares which imply market carrying buying momentum. Opportunities will be seen in stocks rather than Index.

Key support for Nifty future is 10700 and (10640-10600) which is not expected to break by Nifty future and Resistance for the same is 10815-10890.

Key support for Bank Nifty future is 26020 and 25750 and resistance for the same is 26470 and 26800

Free Intraday Tips: 18th May (Friday)

Buy Tata Elxsi future above 1194
Buy VBL above 700

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