Nifty Outlook - 6 Oct-2022

Nifty Outlook - 6 Oct-2022
Nifty Outlook - 6 Oct-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-10-06T14:30:03+05:30

The U.S. markets saw a smart recovery in Monday’s trading session which led to a positive momentum in the international markets. SGX Nifty too hinted at a gap up opening and as in line with the same, our markets started the day well above 17100 mark. The index kept the momentum intact throughout the session and ended tad below 17300 with gains of over a couple of percent.

 

Nifty Today:

 

It has been a roller coaster ride for the markets in last few sessions wherein the index has formed a broad range with support around its 200-day EMA. The correction in the later half on Monday seemed much negative but the recovery in global markets led to a positive surprise on Tuesday’s session. If we look at the international markets, the bond yields have cooled off and the Dollar Index has come off the highs. This led to a pullback move in the equities as a lot of short positions were intact in the system some of which came to cover up. 

 

Cool-off in Bond Yields led to pullback move in equities

Cool-off in Bond Yields led to pullback move in equities

 

In the near term, our markets are likely to take cues from the international markets move accordingly. The immediate resistance is seen in the range of 17300-17400 and needs to be seen if the market crosses the same. On the flipside, 17000 and 16850 are the immediate support levels to watch out for.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17165

38745

Support 2

17055

38380

Resistance 1

17335

39330

Resistance 2

17400

39540

 

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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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