Nifty Outlook - 22 September 2022

Nifty Outlook - 22 September 2022
Nifty Outlook - 22 September 2022

Market Outlook
by Ruchit Jain Last Updated: 2022-09-22T11:46:02+05:30

Our indices traded with a negative bias ahead of the U.S. FOMC meet and ended the day with a loss of around half a percent.

 

Nifty Today:

 

Recently, the Nifty has resisted around the 18000-18100 range and has seen bouts of profit booking from there. The index has traded within a broad range in last few weeks and seems it needs a trigger for a directional move. Now, our markets have seen a relative outperformance to the global markets mainly because of the relative outperformance by INR. However, the rising Dollar Index does not bode well and the INR too now seem on a verge of breakout from the recent consolidation phase. So how the Dollar Index, INR and the global markets react post the FOMC meet outcome will be the factors to watch out in the near term. 

 

 

Global markets and currency movement to dictate short term move

Global markets and currency movement to dictate short term move

 

The chart structure indicates that until the index does not take out this hurdle of 18000-18100, we are not out of the woods yet and any pullback move could see selling pressure. On the flipside, the immediate support for Nifty is placed around 17500-17450 which will be important level to watch out. Below this support the index could then see a price wise corrective phase. So although the markets would open in line with the global cues, the follow up move will be important to watch out.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17564

40590

Support 2

17450

39975

Resistance 1

17920

41810

Resistance 2

18090

42420

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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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