The market weakened, just before the weekend and the weakness continues from overseas. Going by the cues from the NRI cousin, SGX Nifty – we are going to break the initial supports of 17053-16910.
The final support for the NIFTY is at 16820_16800 (the lower end of the trading range given in this column last Monday).
Given that it’s a trading holiday tomorrow – we are better off trading light for the day and see how the support of 16820_16800 plays out.
2 May 22 | ||
Index | Sensex | Nifty |
S2 | 56,902 | 17,055 |
S1 | 56,975 | 17,077 |
Previous Close | 57,060.87 | 17,102.55 |
R1 | 57,313 | 17,178 |
R2 | 57,402 | 17,205 |
Fair Value | 49,693 | 14,894 |
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