Nifty Outlook - 28 Oct-2022

Nifty Outlook - 28 Oct-2022
Nifty Outlook - 28 Oct-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-10-28T11:22:47+05:30

Post the mid-week holiday, Nifty started the session on a positive note around 17770. The index consolidated within a range on the expiry day and recovered from the intraday dip in last half an hour to end the day well above 17700 with gains of about half a percent.

Nifty Today:

 

Inspite of the in-between holidays, our market has kept the trend intact and is witnessing buying interest in intraday dips. In last three trading sessions, the Nifty has traded within the range of 17600-17800, but the crucial support are intact with market breadth being positive. The Dollar Index, has also corrected in last couple of sessions and is back to below 110 level which is positive for the equity markets. The RSI oscillator on the daily as well as the hourly chart is indicating a positive momentum. The immediate support for the index has now shifted higher to 17600 while the ’20 DEMA’ support is placed around 17440. Till the index keeps the support intact, or till there’s change in data traders should continue to trade with a positive bias and look for stock specific buying opportunities. 

 

Correction in Dollar Index to provide support to equity markets

 

Market cools-off ahead of mid-week holiday, global cues to dictate short term trend

 

The intraday supports for Nifty for the coming session are placed around 17665 and 17600 while resistances are seen around 17800 and 17855.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17665

41150

Support 2

17600

41000

Resistance 1

17800

41475

Resistance 2

17855

41600

 

Start Investing in 5 mins*

Get Benefits worth 2100* | Rs. 20 Flat Per Order | 0% Brokerage

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

& get benefits worth 2100*

Resend OTP
Please Enter OTP
  • Have Promo code?
  • Use code ACT2100
Enter Promo code
Account belongs to

By proceeding, you agree to the T&C.

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number