Trading Idea for 17 May 21 (Monday): Nifty and Bank Nifty Prediction For Tomorrow

The nifty Support level is placed at 14575 followed by 14495. If Nifty starts going up, then the resistance level will be 14800 and 14975 While the Bank Nifty support level is placed at 32200 and 31975. If Bank Nifty starts going up, then the resistance level will be 32775 and 32975.

FII and DII data

Foreign Institutional Investors sold shares of Rs. 2607.85 crore while Domestic Institutional Investors bought shares of Rs. 613.26 crore in Indian equity market on May 14, as per data NSE data.

Index Strategy for Tomorrow (17 May 21)

Sgx Nifty showing Gap up by 122 Points after excellent closing of Dow Jones and Nasdaq. Last Friday, except Indian market all the global market closed in green now COVID cases is also falling but FII Data is still negative and DII Data is mild positive, clearly indicate profit booking may take place at higher level. Following level keep in mind for Monday trading session.

FII Data : Negative

DII Data : Mild Postive

F&O Data : Neutral

Sentiment : Expecting Short covering

Nifty Trading Strategy For Tomorrow (17 May 21)

If Nifty opens Gap Up near 14850-875 then Immediate resistance 14925

If Nifty opens near 14825 then index may approach 14875-14890 then Immediate Resistance will be 14925

If Nifty opens above 14900 then index may move towards 14975  

Bank Nifty Trading Strategy For Tomorrow (17 May 21)

If Bank Nifty opens Gap Up near 32550-575 then Immediate support 32475 & 32000

If Bank Nifty opens near 32575-32650 then Immediate Resistance will be 32775 & 32975

Important Support  & Resistance for Tomorrow

Support : (Nifty : 14575 & Bank Nifty : 32000)

Resistance : (Nifty : 14800/14900/15000 & Bank Nifty : 32775/32975)

Latest Corporate Action

• Chembond Chemical Limited –  Q4 Profit at Rs. 2040.89 lakhs versus Profit of Rs. 308.50 lakhs, Revenue at Rs. 27444.58 lakhs versus Rs. 26804.28 lakhs, Other Income at Rs. 1533.09 lakhs versus Rs. 303.78 lakhs YoY (Good Result).

• Bhageria Industries Limited –  Q4 Profit at Rs. 6245.75 lakhs versus Profit of Rs. 6581.42 lakhs, Revenue at Rs. 39918.86 lakhs versus Rs. 41367.95 lakhs, Other Income at Rs. 443.98 lakhs versus Rs. 559.92 lakhs YoY (Poor Result).

• Quick Heal Limited –  Q4 Profit at Rs. 1069.80 million versus Profit of Rs. 744.11 million, Revenue at Rs. 3330.44 million versus Rs. 2861.38 million, Other Income at Rs. 241.61 million versus Rs. 315.96 million YoY (Excellent Result).

• AYM Syntex Limited –  Q4 Profit at Rs. 1409 lakhs versus Profit of Rs. 1741 lakhs, Revenue at Rs. 94741 lakhs versus Rs. 102798 lakhs, Other Income at Rs. 281 lakhs versus Rs. 337 lakhs YoY (Poor Result).

• Mangalore Chemicals and Fertilizers Limited –  Q4 Profit at Rs. 6709.85 lakhs versus Profit of Rs. 6455.32 lakhs, Revenue at Rs. 214402.82 lakhs versus Rs. 271084.42 lakhs, Other Income at Rs. 2669.96 lakhs versus Rs. 2321.72 lakhs YoY (Mix Result).

• F&O Ban on NSE

Cadila, Can Bank, PNB, Sun TV, BHEL and SAIL securities are under the F&O ban for tomorrow (May 17).

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