Nifty Outlook - 17 August 2022

Nifty Outlook - 17 August 2022
Nifty Outlook - 17 August 2022

Market Outlook
by Ruchit Jain Last Updated: 2022-08-17T13:24:08+05:30

After the extended weekend, our markets started on a positive note following the global cues and continued its positive momentum to end the day above 17800 with gains of over seven-tenths of a percent.

 

Nifty Today:

 

After the extended weekend, our markets started on a positive note following the global cues and continued its positive momentum to end the day above 17800 with gains of over seven-tenths of a percent.

 

Relentless run up continues in index, but readings in overbought zone 

 

Nifty Today Outllook Report - 17th Aug

 

Our markets had a relentless run in last few weeks and the up move still continues as the broader markets are still witnessing buying interest. However, the momentum readings are highly overbought and hence, the risk for forming fresh longs have increased significantly. Nifty is tad away from the resistance level of 17875 which is the 78.6 percent retracement of the previous corrective phase. The BankNifty ended with a small Doji candle on the daily chart and around its previous swing high resistance. So although there’s no confirmation of the reversal yet, one should reduce the quantum of long positions and take some money off the table as highly overbought readings around the resistance zone could lead to some profit booking in the near future. The intraday stock specific momentum has been buzzing and until there’s any reversal, traders should look for such stock specific opportunities and trade with proper risk management. The immediate support for Nifty has now shifted higher to 17720 followed by 17600 while resistances are seen around 17870 and 18000. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17720

39000

Support 2

17600

38700

Resistance 1

17870

39400

Resistance 2

18000

39500

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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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