Market Outlook for 07 October 2024
Nifty Outlook 19 Jan 2023
Last Updated: 19th January 2023 - 09:45 am
Post an upmove in the last hour on Tuesday, the index started the session above its 20 DEMA hurdle. Thus, we witnessed buying interest in the index as well as the broader markets throughout the day and it ended above 18150 with gains of over half a percent.
Nifty Today:
It was a crucial trading session for the markets as the index has closed above its ’20 DEMA’ hurdle after a month and this changed the short term trend for the index to positive. Hence, we witnessed buying interest in the broader markets as well and most of the sectoral indices witnessed a positive momentum. If we look at the data, the recent data such as falling Dollar Index, appreciating Rupee, Global market momentum etc. have been in favor of a rally in equities, but the FIIs selling was creating pressure on the index and hence the upmove was restricted. However, finally FIIs have started unwinding their short positions and thus it’s a relief for our markets. The technical pattern indicates a breakout and hence the corrective phase seems to be over. The option writers have formed positions at 18100 and 18000 put options and thus, this would act as the immediate support zone now.
Nifty finally gave breakout and resumed its uptrend
Thus, the data and the chart structure both indicate an optimistic picture and hence, the index could continue to rally higher. Traders should use intraday declines as buying opportunities and trade with a positive bias. The immediate support for Nifty is placed in the range of 18100-18000 while the index could rally towards 18330 followed by 18450 in the near term.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
18100 |
42200 |
Support 2 |
18020 |
42070 |
Resistance 1 |
18220 |
42635 |
Resistance 2 |
18280 |
42800 |
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