Nifty Outlook - 08 September 2022

Nifty Outlook - 08 September 2022
Nifty Outlook - 08 September 2022

Market Outlook
by Ruchit Jain Last Updated: 2022-09-08T12:04:57+05:30

The global markets had corrected and SGX Nifty was indicating probability of a gap down opening. The index opened on a negative note around 17500, but the damage was not as severe and the index gradually recovered most of the losses to end above 17600 with a marginal loss.

 

Nifty Today:

 

During last week, Nifty had seen a sharp upmove in Tuesday’s session but since then, the index has consolidated within that day’s range and hence have not seen any directional move. This seems to be a time-wise corrective phase and there’s stock specific momentum seen. The market breadth has been positive but inspite of that, the index has been restricted to move higher. This is primarily because of factors such as the Rising Dollar Index, short formations by FIIs in the index futures segment and weak global markets. The index is now trading within the range of 17800-17400 and a breakout beyond the same is required for a directional move. Hence, until we see a breakout on either side, traders are advised to be stock specific and avoid index directional trades. The intraday supports for Nifty for the coming session are placed around 17520 and 17420 while resistances are seen around 17690 and 17760.

 

Indices continues consolidation, Pharma basket poised for an upmove

 

Indices continues consolidation, Pharma basket poised for an upmove

 

Amongst sectoral indices, the Pharma index seems to be well poised to play its defensive role and hence stocks within the pharma sector could see a decent upmove. Traders can look for trading opportunities from this basket for short term gains.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17520

39285

Support 2

17420

39115

Resistance 1

17690

39600

Resistance 2

17760

39750

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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.

Disclaimer

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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