Nifty Outlook - 11 Nov-2022

Nifty Outlook - 11 Nov-2022
Nifty Outlook - 11 Nov-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-11-11T11:09:19+05:30

Nifty started the weekly expiry session with a gap down and traded with a negative bias throughout the day. Nifty breached the 18000 mark during the day, but it recovered marginally from lows and ended above 18000 with a loss of two-third of a percent.

 

Nifty Today:

 

The recent upmove in the Nifty witnessed slowdown in momentum which resulted in a negative divergence on the lower time frame chart. Such divergences usually lead to either price wise or a time wise correction in the short term which we witnessed on the expiry day. In last few day’s Nifty has consolidated within the range of 17950-18300 wherein the index has witnessed buying interest in the range of 18000-17950. This would be seen as a make or break for the near term and hence, traders would be keenly watching this support. On the other hand, the banking index has continued to witness strength and it would be the key sector to lead the near term momentum. A close below 17950 could then lead to a profit booking and retracement of the recent upmove and hence, traders should keep stoplosses accordingly on the long positions. The market breadth was negative with midcap and small cap basket showing relative underperformance. 

 

Nifty near crucial support, market breadth weakens

Nifty Outlook 11th Nov


 

 

Hence, traders should be very selective in stock picking and look for trading opportunities in sectors which are showing strength relative to the benchmark. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17960

41400

Support 2

17900

41200

Resistance 1

18100

41725

Resistance 2

18170

41850

 

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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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