Nifty Outlook - 28 Sep-2022

Nifty Outlook - 28 Sep-2022
Nifty Outlook - 28 Sep-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-09-28T14:04:03+05:30

Nifty started the day on a positive note but it witnessed selling pressure as it surpassed 17150 mark. It then corrected sharply to sneak below 16950 before noon and then oscillated within this range for the rest of the day and ended on a flat note.

 

Nifty Today:

 

Nifty oscillated in a broad range in yesterday’s session and a tough fight was seen between both bulls and bears. The Nifty managed to defend 17000 level at close, but the Bank nifty continued a relative underperformance and posted a loss of over half a percent. The short term trend for Nifty continues to be negative as the index seems to be correcting in an impulsive move which doesn’t seem to be completed yet. However, the momentum readings on the lower time frame chart have reached the oversold zone and in such a situation; there is a possibility of either a pullback move or some time wise correction to relieve the oversold set-ups. In case of any pullback move, the index would retrace some of the recent corrective move and then resume its downtrend. Hence, the trend continues to remain negative but a pullback move cannot be ruled out. There are just a couple of days left for the monthly expiry and if we look at the options data, 17000 put have the highest open interest outstanding which is the crucial support from expiry perspective. 

 

Downtrend continues for equities as Rupee depreciates further

Nifty Outlook - 27 Sep-2022

 

Technically, the 200 DEMA support is placed around 16880 and certain retracement support also hints at an immediate support around 16845. Thus, 16880-16845 could be seen as the support range for now while on pullback moves the resistances for Nifty will be around 17170 and 17335.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

16880

38000

Support 2

16765

37670

Resistance 1

17170

38880

Resistance 2

17335

39000

 

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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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