Nifty Outlook - 15 Nov-2022

Nifty Outlook - 15 Nov-2022
Nifty Outlook - 15 Nov-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-11-15T11:07:46+05:30

Nifty started trading for the week marginally positive, but it traded within a narrow range for the entire day and ended around 18330 with a marginal loss. 

Nifty Today:

Our markets traded within a narrow range during the day and we saw more stock specific movement. The global cues remain positive as the U.S. Bond yields have corrected sharply and the Dollar Index too has seen a down move in last few trading sessions. The Nifty index is holding above its crucial support and the momentum reading on daily as well as hourly time frame charts remain in Buy mode. Hence, the short term trend continues to be positive for the Nifty index. However, the lower time frame charts on the Bank nifty index is indicating the possibility of a time-wise or small prices wise correction before resuming its uptrend. Since the daily chart structure remains positive for key indices, traders are advised to keep a ‘Buy-on-Dip’ approach and look for buying opportunities on intraday declines. The intraday supports in Nifty for the coming session are placed around 18260 and 18170 while resistances are seen around 18435 and 18520.

Index consolidates in a range, stock specific buying interest seen
 

Nifty Outlook 15th Nov 2022

 

The IT sector has witnessed buying interest off late post the recent upmove in the Nasdaq Index. The Metals space has also been buzzing as the falling Dollar Index is generally positive for this sector. Hence, traders are advised to look for stock specific opportunities within these sectors as the outperformance could continue in the near term.

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18260

41825

Support 2

18170

41560

Resistance 1

18435

42360

Resistance 2

18520

42625

 

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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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