Nifty Today Outlook Report - 14 July 2022

Market outlook for today
Market outlook for today

Market Outlook
by Ruchit Jain Last Updated: 2022-07-14T12:08:18+05:30

Nifty started the day on a flat note, but it crept lower gradually throughout the day and ended below 16000 with a loss of over half a percent.

 

Nifty Today:

 

Nifty continued its pullback and breached the 16000 mark at close. However, on the lower time frame chart this does not seem to be a major reversal yet and 16000-15800 is a crucial support range for the near term. It could be make or break for the near term and if the index managed to hold this support zone, then this could form a support base for the next leg of up move. However, a move below 15800 would then be seen as negative and the market would then resume its downtrend. A lot will depend on the global markets which includes the U.S Equity market movement, the Dollar Index which is still rising and has not reversed yet and FII’s positions where we have seen fresh short formations in the index futures segment.

Our markets will be reacting to these data points and a reversal in each of these is required for regaining any positive momentum. Hence, traders are advised to keep a close watch on these which could give an earlier indication of the market move ahead. The intraday supports for the coming session are placed around 15900 and 15830 while resistances are seen around 16090 and 16200.

                                     

                                             All eyes on global factors for next directional move

All eyes on global factors for next directional move

 

Sectors such as Pharma and FMCG have seen relative strength in last few sessions and selective stocks from these sectors could continue to do well in the near term. Short term traders can look for stock specific opportunities amongst there as these defensive stocks are likely to do relatively well.

 

 

Nifty Levels

Bank Nifty Levels

Support 1

15900

34720

Support 2

15830

34500

Resistance 1

16090

35250

Resistance 2

16200

35500

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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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