Nifty Outlook - 13 September 2022

Nifty Outlook - 13 September 2022
Nifty Outlook - 13 September 2022

Market Outlook
by Ruchit Jain Last Updated: 2022-09-13T11:08:34+05:30

The Nifty index started the week on a positive note on the back of positive global cues. The index traded in a narrow range throughout the day but it kept its momentum intact and ended the day around 17950 with gains of more than half a percent.

 

Nifty Today:

 

Amidst positivity in global markets, our markets continued to witness buying interest and kept the momentum intact. However, Nifty is still unable to surpass the hurdle of 18000 and hence buying interest has spread to broader markets. Thus, it is better to continue to trade with a stock specific approach from a near term perspective. A close above 18000 is required for a continuation on the trend towards 18210 which will be the next targets as per the retracement theory. On the flipside, the support is shifting higher and 17600 is the important level for the short term. The Dollar Index has cooled off which should provide support to the market.

 

Nifty struggles to surpass 18000 hurdle but momentum seen in broader markets

 

Nifty struggles to surpass 18000 hurdle but momentum seen in broader markets

 

Traders should also keep a close tab on the global market developments as it could drive the near market momentum. The immediate supports for the coming session are placed around 17860 and 17780 while resistances are seen around 18000 and 18080.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17860

40240

Support 2

17780

40080

Resistance 1

18000

40850

Resistance 2

18080

41000

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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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