Nifty Today Outlook Report - 02 August 2022

Stock Market Outlook Report - 02-August-22
Stock Market Outlook Report - 02-August-22

Market Outlook
by Ruchit Jain Last Updated: 2022-08-02T12:37:30+05:30

Nifty started the week on a positive note and continued its positive momentum throughout the day. Amidst positive moves in broader markets, the index surpassed 17300 and ended above it with gains of a percent.

 

Nifty Today:

 

It has been a relentless upmove for our markets as the index has reclaimed 17300 within a short period of time after the recent corrective phase. The broader markets have now started witnessing good buying interest due to which the breadth was positive and the midcap basket outperformed. Now although the momentum remains strong, the Nifty has reached an important juncture as it is now trading around 61.8 percent of the entire correction from 18600 to 15180. Also, the momentum readings are in an overbought zone and generally, when the index gets overbought and is near resistance, it either gives as price-wise correction or a time-wise correction. Hence, traders should now start booking profits on the long positions here and be very specific in trading. Keeping a stock specific approach with a proper exit strategy should be the approach for now.

 

                                Broader markets join the momentum to lift market higher

Broader markets join the momentum to lift market higher

 

The immediate supports for Nifty are placed around 17200 and 17120 while resistance is seen in the range of 17350-17400 followed by 17500.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17200

37500

Support 2

17120

36250

Resistance 1

17400

38200

Resistance 2

17500

38500

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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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