Sensex, Nifty 50 are likely to open lower tracking global indices

Editor’s note: Anuj Singhal’s view on the market

MARKET: THE DOUBLE DIP!
The first plunge was heavily bought yesterday
The second drop resulted in the lowest close of the day
“Buy Down” and “Sell Up” functions both work
The current market is for those who can play around the edges



Bank Nifty: the market puzzle
High Date High Fall
May 18 44079 -327 points
May 19, 44021 -52 points
May 22, 44027 -142 points
May 23 44096 -141 points
May 24, 44010 -332 points



MAY SERIES: THE BEST OF THE YEAR
Index This series
Clever 2.1%
Clever midcap 5.3%
Clever Auto 7%
Smart computing 5.6%
Smart real estate 4.3%
Smart FMCGs 4.2%
Smart Bank 1.5%
Clever Power Bank -2%



CHIC OUTLOOK
First support: 18,250-18,263
18,250 is the options base and 18,263 is yesterday’s low
Biggest support: 18,141-18,198
18198 is 20 DMA and 18141 is 20 DEMA



PERSPECTIVES TIPS FROM THE BANK
First support zone: 43,450-43,500
43,450 is the recent low and 43,500 is 20 DEMA
Largest support: 43326 (20 DMA)
First resistance: 43,841-43,900 (based on options)
Biggest resistance: 44,000-44,100 (last 5-day high)