Nifty Outlook - 14 September 2022

Nifty Outlook - 14 September 2022
Nifty Outlook - 14 September 2022

by Ruchit Jain Last Updated: Dec 11, 2022 - 03:45 am 16.8k Views
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The positivity in the global markets led to a gap up opening for Nifty and the index surpassed the hurdle 
of 18000. The traded in a narrow range post open, but it maintained its positive structure throughout 
the day and ended above 18050 with gains of three-fourth of a percent. 

 

Nifty Today:

 

The Nifty surpassed the hurdle of 18000 mark finally to register a Higher High on the daily chart and 
continue the momentum. The banking index too continued its upmove and almost tested the 41000 
mark. However, after many days the broader markets showed signs of some profit booking and hence, 
the Midcap and the Small cap stocks relatively underperformed and posted marginal gains. The oscillator still continues to hint at positive momentum, but the readings on the lower time frame chart have reached the overbought zone in both Nifty as well as Bank Nifty. Hence, if the upmove continues from here then the rally could get concentrated to fewer stocks and thus traders should be very selective in stock picking. The immediate support for Nifty is now placed around 17965 while resistance will be seen around 18135 and 18220.

 

Nifty finally reclaimed 18000 and ended well above it 

 

Nifty Today 14th Sept

 

Traders are advised to continue to trade with the trend until any reversal signs are seen, and also look to book some profits at higher levels and overbought set-ups on the charts could slow down the momentum going ahead. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17965 

40600 

Support 2

17870 

40300 

Resistance 1

18135 

41000 

Resistance 2

18220 

41240 

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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.

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