Nifty Outlook - 17 Nov-2022
Our markets consolidated within a narrow range ahead of the weekly expiry day and ended on a flat note.
Nifty Today:
Since last four trading sessions, Nifty has been consolidating within a narrow range. However, we have not seen any negative data as the global markets remain positive post the recent correction in the bond yields and the Dollar Index. We have not seen any short formations in our indices as well while the index continues to trade above its key moving averages and the RSI oscillator continues to hint at a positive momentum. The only worry is the lack of participation from the broader markets inspite of the market nearing record highs. Thus, traders would have to be selective in picking stock specific opportunities and hence until we see a breakout in the midcap index, it is better to avoid bottom fishing in the underperformers and trade in stocks which are witnessing buying interest with good volumes. In the options segment, traders seem to have written 18300 puts and thus 18300-18270 would be seen as the immediate support range. We expect the slow and gradual up move to continue and until we see any reversal, the index would approach the record highs soon.
Slow and gradual upmove in index as it is approaching record high
The intraday supports in Nifty for the coming session are placed around 18354 and 18300 while resistances are seen around 18452 and 18500.
Nifty & Bank Nifty Levels:
|
|
Nifty Levels |
Bank Nifty Levels |
|
Support 1 |
18354 |
42350 |
|
Support 2 |
18300 |
42165 |
|
Resistance 1 |
18452 |
42670 |
|
Resistance 2 |
18500 |
42800 |
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