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With volatility increasing in the domestic market ahead of election results, a softer-than-expected US CPI data provided some relief to investors on May 16. Financial services and IT stocks were the major contributors to Nifty.
The market continues to show optimism, buoyed by expectations of political stability amidst the ongoing general elections, say analysts
The index is likely to find some resistance around the 22750-22800 levels while on the downside 22300 is likely to act as a crucial support.
For Nifty the immediate swing low of the 22350-22300 subzone is likely to provide a firm cushion for any intra-week blip, followed by the 50 DEMA of 22230 and the bullish gap around the 22200 zone.
A breach of the 22,550 spot Nifty support represents a negative/cautionary signal, which opens the doors for a downside target of 22,300. Recovery hopes are contingent upon the Nifty staging a comeback above 22,600.