There is a decline in the stock market today, Monday 18 May, due to increasing tension in the Middle East and rising crude oil prices. Sensex is trading 700 points down at 74,500. Nifty is also down 220 points, it has come to 23,400. Apart from this, crude oil has once again crossed $ 110 per barrel. Today, the rupee opened 20 paise weaker against the dollar. For the first time it has reached 96.18. Support and Resistance Support Zone: 23,466 | 23,345 | 23,320 | 22,858 | 22,780 | 22,558 Support i.e., the level where the stock or index gets support from falling down. The price does not go down easily due to increase in purchasing here. There may be a buying opportunity here. Resistance Zone: 23,812 | 23,872 | 23,935 | 24,140 | 24,382 | 24,450 resistance i.e., the level where there is a hindrance in the stock or index going up. This happens due to increase in sales. There is hope for an uptrend after crossing the resistance zone. Note: Support and resistance levels are as per the report of Wealth View Analytics. Mixed business in Asian markets. American market is falling on Friday. Foreign investors sold shares worth Rs 55 thousand crore in 30 days. Note: Figures of net buying/selling of FIIs and DIIs are in crores of rupees. Technical Factors Sensex Enrich Money CEO Ponmudi R said that the Sensex is currently around the zone of 75,200 to 75,300. This shows that amid continued global uncertainty and volatile market environment, the market is trying to recover slowly and cautiously. Immediate resistance for the market lies in the range of 75,600 to 76,000, while strong support is seen around the zone of 74,500 to 74,200. Now the market will give a big breakout (breaking the range) on any side, only then the real movement of the market will be decided. Akash Shah, Technical Research Analyst, Nifty 50 Choice Broking, said that if the market goes upwards, the immediate resistance for it will be at 24,000 and 24,250. Whereas if the market falls, it may get support at 23,250 and 23,000. If Nifty breaks the level of 23,000, then the selling pressure may increase further. Given the current market conditions, traders are advised to remain disciplined and follow a strict stop-loss strategy amid these fluctuations. On Friday, Sensex had closed down by 160 points. Crude oil once again crossed 110 dollars. On Monday, May 18, in the initial hours of market opening, crude oil was trading at the level of 111 dollars per barrel. This rise in prices has come after US President Donald Trump’s statement in which he has put pressure on Iran for a peace agreement. This war, which started in the last week of February, has now completed 12 weeks. Donald Trump gave an open warning to Iran on his social media platform ‘Truth Social’. He wrote that for Iran “time is running out.” He said in a threatening tone that Iran should take steps as soon as possible, otherwise its name will be erased. In fact, last week America had presented a proposal for a peace agreement to Iran, which Iran rejected. The main reason for the dispute between the two countries is the capability of Iran’s nuclear weapons, on which both sides are unable to agree. Rupee crossed 96 against the dollar. Today the rupee opened 20 paise weaker against the dollar. For the first time it has reached 96.18.
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Sensex falls 700 points to trade at 74,500: Rupee hits 96.18 for the first time; Crude oil also crossed 110 dollars
