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Market Outlook
Nifty Outlook - 06 September 2022
Ruchit Jain
9th December 2022 - 11:10 pm
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
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 |
17576 |
39520 |
|
Support 2 |
17485 |
39235 |
|
Resistance 1 |
17720 |
39980 |
|
Resistance 2 |
17772 |
40150 |
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