Nifty Today Outlook Report - 19 July 2022

Market outlook for today
Market outlook for today

Market Outlook
by Ruchit Jain Last Updated: 2022-07-19T12:22:22+05:30

The positive global cues led to a gap up opening in Nifty above 16150 mark. The index then traded with a positive bias throughout the day and ended around 16230 with gains of over a percent.

 

Nifty Today:

 

Nifty witnessed some cool-off in last week and had seen some retracement of the recent upmove. Inspite of some negative news flows during the week, the index held above its important support of 15800. Nifty had retraced 38.2 percent of the recent up move and it has now resumed the ‘Higher Top Higher Bottom’ and thus the short term uptrend.

 

                                                 Nifty resumes short term uptrend

 

Nifty resumes short term uptrend

 

The broader market participation indicates that we are likely to see a continuation of the up move in the near term. The ‘RSI Smoothed’ oscillator on the daily as well as the hourly chart remains in buy mode. In the near term, we expect the Nifty to continue the up move towards 16520 followed by 16650 which are the 200 EMA and the 50% retracement of the corrective phase respectively. The immediate support for Nifty will now be placed around Hence, traders should look to trade with a positive bias and look for buying opportunities from a near term perspective.

 

 

Nifty Levels

Bank Nifty Levels

Support 1

16100

35400

Support 2

16000

35600

Resistance 1

16400

33800

Resistance 2

16520

35650

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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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