Market Outlook for 07 October 2024
Nifty Outlook - 29 Sep-2022
Last Updated: 11th December 2022 - 10:08 am
The global markets continued their corrective mode which hinted at a gap down opening for our markets too. Thus, Nifty started the day with a gap down below 16900 mark. The index recovered all the losses till noon, but the intraday pullback witnessed selling pressure and it corrected again to end the day tad above 16850 with a loss of about nine-tenths of a percent.
Nifty Today:
Our markets have recently been under pressure primarily due to the Rising Dollar Index and the sharp depreciation in INR once it broke from the 80 mark. The currency since then has depreciated further and is now approaching the 82 mark. On the other hand, the Rising bond yields and the selling by FIIs in the markets have further put pressure and has led to sharp corrections in the last few days. The tide for the market changed after the FED Policy outcome last week and this does not just seem to be a regular correction but a downtrend. The intraday pullback moves are getting sold into which is usually seen in a phase of downtrend. The momentum readings on the intraday charts are into oversold zone (but not in daily time frame yet) and hence, such in-between pullback moves cannot be ruled out to relieve the oversold set ups. However, the down move seems an impulsive one which does not seem to be completed yet. Hence, any pullback moves would just retrace some of the correction and the index would see selling pressure on such a rise. So traders should keep a ‘Sell on Rise’ approach and stay cautious on the market from a near term perspective.
Market continues its downtrend with INDIA VIX rising gradually
The INDIA VIX which measures the price fluctuations is rising gradually and has ended above 22. It could rise further in the near term due to above uncertainty related to above mentioned factors. The intraday supports for Nifty for the coming session are placed around 16770 and 16690 while resistances will be seen around 16950 and 17000.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
16770 |
37470 |
Support 2 |
16690 |
37180 |
Resistance 1 |
16950 |
38210 |
Resistance 2 |
17000 |
38660 |
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