Nifty Outlook - 06 September 2022

Nifty Outlook - 06 September 2022
Nifty Outlook - 06 September 2022

Market Outlook
by Ruchit Jain Last Updated: Dec 09, 2022 - 11:10 pm 16.5k Views

Nifty started trading for the week on a flat note and witnessed positive momentum during the day. Amidst positive market breadth, Nifty ended the day above 17650 with gains of seven-tenths of a percent.


Nifty Today:


During last week, Nifty had seen a smart recovery post Monday’s gap down opening and had rallied sharply in Tuesday’s session. However, since then the Nifty has consolidated within last Tuesday’s range and the broader markets have seen stock specific momentum. Post the high of 18000, Nifty corrected during the later half of August month and off late the index seems to be consolidating within a range. Although the broader market is showing a positive momentum some of the data such as FII’s positions in the index futures segment and the rising Dollar Index are not much positive. Also, the momentum readings on the daily chart have recently given a negative crossover from the overbought zone and have not yet crossed to the buy side. Thus the data indicates probability of a corrective phase for the index but since the overall market breadth is healthy, we are witnessing a time-wise correction (consolidation) this time rather than a price-wise correction. Hence, the indices might continue to trade in a broad range while stock specific action may continue. Thus, short term traders should now look to trade with a stock specific approach.


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


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


The intraday supports In Nifty for the coming session are placed around 17576 and 17485 while resistances will be seen around 17720 and 17772.


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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.

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