Market Outlook for 16 October 2024
Nifty Outlook - 13 Oct-2022
Last Updated: 11th December 2022 - 03:55 am
Post the last hour sell-off on Tuesday, Nifty started the session marginally positive above 17000. The index consolidated in a range in the first couple of hours and witnessed some support in the range of 17000-16950. The index then recovered from the lows and witnessed a positive momentum towards the end to close above 17100 with gains of eight-tenths of a percent.
Nifty Today:
Nifty has consolidated within a broad range in last couple of weeks. In this phase, the 200 DEMA has acted as a support and so far the index has managed to defend the same successfully. Apart from this moving average support, the option writers were seen building positions at 17000 put right from the open and the positions were intact inspite of the index sneaking below the 17000 mark. This indicated that the index is likely to hold on the support zone and thus we witnessed recovery in the later half. Now if we look at the global markets, the US indices are approaching their respective support zone and there’s a loss of selling momentum there which can be observed from divergences in the momentum readings. This opens up a possibility of a pullback move there and since our markets are also trading near the support, the near term pullback move is expected in our markets too. FII’s are short heavy in the index futures segment and any positive in the global bourses could lead to some short covering by them. Hence, traders should look for buying opportunities from a near term perspective.
Nifty forming a support near 200 DEMA, possibility of a short term bounce open
The immediate support for Nifty is placed in the range of 17000-16900 while resistance is seen around 17200. We anticipate the index could surpass this hurdle which could then lead the index towards the swing high of 17425 followed by 17625 in the near term.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17000 |
38760 |
Support 2 |
16900 |
38500 |
Resistance 1 |
17260 |
39500 |
Resistance 2 |
17330 |
39600 |
Trending on 5paisa
Discover more of what matters to you.
Market Outlook Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.