Market Outlook 16th to 20th May 2022.Nifty opened gap up today at 15977 just short of 16K. Went on to make a high of 16083 but could not sustain the levels amongst the selling pressure and ended negative at 15782. This indicates there is excessive fear in the market and selling pressure on every rise. The market mood index MMI measure of Excessive fear, fear, greed and excessive greed indicates that we are in the excessive fear zone. Buying during these times may create wealth for long term investors. The support and the Resistance zones are as under:
The Support Zones: 15734, 15671, 15507 (This is the final support, Nifty breaking that is highly unlikely but below these levels we can see a free fall to 15052 to 14484).
The Resistance Zones: 16083, 16235, 16484, 16819 and 16964.
