Nifty Outlook - 28 Sep-2022

Ruchit Jain

Last Updated: 12th December 2022 - 06:13 pm

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.

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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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