Nifty Outlook - 9 Nov-2022

Nifty Outlook - 9 Nov-2022
Nifty Outlook - 9 Nov-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-11-09T12:01:06+05:30

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

 

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:

 

Nifty Levels

Bank Nifty Levels

Support 1

18050

41300

Support 2

17950

41000

Resistance 1

18310

41865

Resistance 2

18400

42050

 

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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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