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Ruchit Jain
7th Jun 2024
Nifty Outlook - 22 September 2022
Ruchit Jain
Last Updated: 11th December 2022 - 05:38 pm
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
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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