Nifty Outlook - 9 Nov-2022

Nifty started the week on a positive note above 18200 level on back of some positivity seen in some banking stocks. However, the index corrected post the positive open and gave up all the gains to sneak below 18100. But it again witnessed buying interest at lower levels and managed to reclaim the 18200 level at close to end with gains of about half a percent.

Nifty Today:

Our markets started the week on a positive note as some of the banking stocks witnessed positivity post announcement of their quarterly results over the weekend. The Nifty surpassed 18200 while the Bank Nifty also broke above the last two weeks of consolidation phase. However we witnessed some volatility during the day and the Nifty index gave up the gains during the day, but it managed to end around the opening point and formed a ‘Doji’ candle pattern on the daily chart. This pattern generally indicates an indecision amongst market participants and the follow up move gives more clarity on whether the index would continue its ongoing trend or see a reversal. For now, 18050 and 17950 are the important support levels to watch and till these supports are intact, the trend remains positive.

Banking stocks propel indices higher post quarterly results

Only a breach of these support would then challenge the near term trend and hence, traders with long positions should keep a stoploss below 17950 and ride this trend. On the other hand, 18310 followed by 18350-18400 range would be the resistance zone to watch out for.

Nifty & Bank Nifty Levels: