Nifty Today Outlook Report - 10 August 2022

Stock Market Outlook Report - 10-August-22
Stock Market Outlook Report - 10-August-22

Market Outlook
by Ruchit Jain Last Updated: 2022-08-10T13:07:58+05:30

The Nifty started the week on a flat note, but it inched higher gradually and surpassed the important resistance of 17500. The stock specific momentum was positive which helped the index end comfortably above 17500 with gains of around three-fourth of a percent.

 

Nifty Today:

 


During last week, Nifty had formed a reversal candlestick pattern on the daily chart on weekly expiry session. However, the index consolidated in a range and did not confirm the reversal. On the contrary, the index gained momentum on Monday and has surpassed the high thus negating the reversal.

 

Reversal pattern formed in overbought zone, 17160 make or break level

 

Reversal pattern formed in overbought zone, 17160 make or break level

 

This indicates a continuation of the short term momentum and hence, our markets still seem to have more room on the upside. Although, the momentum readings still remain in the overbought zone so the up move could now get concentrated to fewer sectors and stocks. On the higher side, the trendline resistance will be the immediate zone to watch out on the higher side which is around 17700-17750 while the support base has now shifted higher to 17350-17300 range. So traders with long positions can now trail their stoploss higher to 17300 while profit booking is advisable at higher levels. 
 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17410

38070

Support 2

17330

37845

Resistance 1

17600

38465

Resistance 2

17670

38700

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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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