Nifty Outlook - 2 Nov-2022

Nifty Outlook - 2 Nov-2022
Nifty Outlook - 2 Nov-2022

by Ruchit Jain Last Updated: Dec 11, 2022 - 03:33 am 11.9k Views
Listen icon

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

 

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

 

How do you rate this blog?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

oda_gif_reasons_colorful

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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Patanjali's false claims lands it in a trouble with Supreme Court

In the grand saga of health and wellness in India, enter Baba Ramdev, the face behind the wellness empire Patanjali. His online videos claim to offer cures that, according to him, modern science hasn't quite figured out. You might have stumbled upon those videos where he confidently asserts, "jad se bimari ko khatam kardene vala ilaj" (a remedy that eliminates diseases from their root)

Stock in Action- V-Guard Industries Ltd

V-Guard Industries Ltd Stock Movement of the Day

Market Outlook for 29 February 2024

Nifty started the ahead of the expiry on a flat note, but it witnessed correction throughout the day. The intraday pullbacks witnessed selling pressure and the index breached the 22000 mark and ended well below it with a loss of over a percent.