Nifty Outlook - 2 Nov-2022

Ruchit Jain

Last Updated: 11th December 2022 - 03:33 am

Nifty started another day with a gap up above 18100 mark. The intraday decline towards 18050 witnessed buying interest and the index continued its positive momentum to end the day around 18150 with gains of three-fourth of a percent.

Nifty Today:

Our markets continued it’s relentless up move with no signs of reversal yet. Nifty is comfortable trading above the 18000 mark and the immediate supports have shifted higher now. However, the momentum readings on the lower time frame chart in Nifty have reached the overbought zone, but we have often seen that the momentum usually continues in the overbought zone too in a strong trended phase. The Banking index took a backseat while the IT sector supported the index. Such rotation is likely to continue in the near term with sector specific moves that would provide trading opportunities. Going ahead, traders would be eyeing the US Fed meeting outcome which could have an impact on the global equity markets. But for now, the data as well as the chart structure remains positive and until we see a change in the same, one should avoid contra trades and look for stock specific buying opportunities.

Market continues its momentum intact, sector specific participation seen

The immediate supports in Nifty for the near term are placed around 18000 and 17860 while resistances will be seen around 18240 and 18360.

Nifty & Bank Nifty Levels:

	Nifty Levels	Bank Nifty Levels
Support 1	18080	41100
Support 2	18000	40900
Resistance 1	18240	41600
Resistance 2	18360	41880

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