Nifty Outlook - 02 September 2022

Nifty Outlook - 02 September 2022
Nifty Outlook - 02 September 2022

by Sachin Gupta Last Updated: Dec 15, 2022 - 09:06 am 17.6k Views
Listen icon

After the mid-week holiday, Nifty started trading with a gap down as the global markets continued to trade with a negative bias while we had a trading holiday. The index again attempted to recover from the opening lows but ended around 17550 with a loss of over a percent.


Nifty Today:


The markets had a significant run up on Tuesday in anticipation that the global markets too will recover from the lows. However, we did not see any major recovery globally which resulted in a negative opening and the index gave up some of Tuesday's gains. However, the market breadth continued to be positive as a lot of stock specific up move was seen and the market breadth was in favor of the advances. After the high of 18000, the indices have turned a lot volatile and have seen moves on both sides which have perplexed market participants. However, the momentum readings on the daily chart have given a negative crossover which indicates we have already entered a corrective phase.


High volatility in indices; better to trade with stock specific approach


High volatility in indices; better to trade with stock specific approach


There are two types of corrective phases, one is a price wise correction and other a time-wise correction and this seems to be a time-wise corrective phase as the index is trading within a broad range while focus is on stock specific momentum. Hence, until the index surpasses the major hurdles of 17800 and 18000, we are not out of the woods yet and thus traders should keep a stock specific approach and look for stocks which are in momentum. The intraday supports for Nifty in the coming session are placed around 17440 and 17340 while resistances are seen around 17670 and 17800. 



Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Wrap-up: Tata Tech's Dazzling IPO Debut & the Tax Tale

In the heart of the bustling Indian stock market, a tale of triumph unfolded on November 30th, as Tata Technologies made an awe-inspiring debut. The curtains lifted at ₹1,200 apiece on the National Stock Exchange (NSE), casting a premium spell of 140% over the issue price of ₹500 per share. This stellar entry marked the grandest listing since November 2021, echoing through the financial corridors with waves of excitement.

Stock In Action: JSW Steel

Movement of the Day Analysis 1.    Strengths: Strong Momentum: Price above short, medium and long term from 5 days to 200 days respectively. 2.    Positive break-out. 

Swing Trading Stocks: Week of 11 December 2023

Swing Trading Stocks for the Week