Nifty Outlook - 1 Nov-2022

Ruchit Jain Ruchit Jain

Last Updated: 10th December 2022 - 08:23 am

Listen icon

Our markets started trading for the week on a positive note as the global markets were trading with a positive bias. Nifty kept the momentum intact throughout the day and ended the last trading session of the October month above 18000 registering gains of over 1.25 percent for the day and gains of over 5 percent for the October month.

 

Nifty Today:

 

At the start of the October month, Nifty formed a support base around its 200-DEMA and started recovering gradually. As the month progressed, the index crept higher as traders with short positions looked to cover their positions and later on, the upmove the global markets and the fall in the US Dollar Index provided impetus to the momentum. Nifty has ended above 18000 mark and the RSI oscillator on the daily chart continues to point at a positive momentum. However, the same readings on the lower time frame (hourly) charts have entered overbought zone and hence it would be crucial to see how much it extends from here, as the overbought set ups usually leads to wither a time-wise correction or a price wise correction. In this week, traders will be keenly watching the RBI meet which is scheduled on 3rd November while US FOMC meet too is scheduled which could dictate the near term movement for equity markets. The technical picture indicates that the short term trend is positive and until we see any reversal, trader should continue to ride the trend. 

 

Nifty reclaims 18000, midcaps back in momentum

 

Nifty reclaims 18000, midcaps back in momentum

 

After some decent consolidation, the midcap index witnessed a breakout and hence the momentum could shifty back towards some of the midcap counters. Traders should keep a stock specific approach and look for buying opportunities from a near term perspective. With rise in index levels, the supports are shifting higher and the immediate supports for Nifty are placed around 17850 and 17750. On the flipside, 18100 and 18270 will be the resistance levels to watch out for.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17935

40970

Support 2

17850

40840

Resistance 1

18100

41750

Resistance 2

18270

41880

 

How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 31 October 2024

by 5paisa Research Team 31st Oct 2024

Market Outlook for 30 October 2024

by Ruchit Jain 30th Oct 2024

Market Outlook for 29 October 2024

by Ruchit Jain 29th Oct 2024

Market Outlook for 28 October 2024

by Ruchit Jain 28th Oct 2024

Market Outlook for 25 October 2024

by Ruchit Jain 25th Oct 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?