Nifty Today Outlook Report - 20 July 2022

Ruchit Jain Ruchit Jain

Last Updated: 12th December 2022 - 08:46 am

Listen icon

The Nifty started trading on a negative note as the global markets witnessed some volatility and had indicated mixed signals. However, the broader markets continued to witness buying interest and hence, the index too recovered the losses and ended the day tad below 16350 with marginal gains.

 

Nifty Today:

 

 

The index continues its short term uptrend as the Nifty continues its ‘Higher Top Higher Bottom’ structure on lower time frame charts. The Banking space took the leadership and it continued its relative outperformance to end above its 200-day EMA.

 

                                         Banking leads to keep the market momentum intact 

Banking leads to keep the market momentum intact

 

The momentum setups remain in buy mode on the daily chart, but it has reached the overbought zone on the hourly chart. So in case if we see any negative crossover from the overbought zone on the hourly chart, then we could see in between declines in the index to relieve the overbought set ups. However, the broader markets have been witnessing good buying interest as the midcap and the smallcap index is slowly moving higher to retrace the recent corrective phase. Hence, traders should look for stock specific buying opportunities and trade with a positive bias. Incase of any declines, the immediate support for Nifty will be seen around the hourly 20-EMA around 16220 . On the flipside, the near term upside for Nifty is seen around 16520 & 16650 where we could see confluence of resistances.

 

 

Nifty Levels

Bank Nifty Levels

Support 1

16220

35300

Support 2

16100

34880

Resistance 1

16400

35951

Resistance 2

16520

36180

How do you rate this article?

Characters remaining (1500)

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.

FREE Trading & Demat Account
+91
''
Resend OTP
''
''
Please Enter OTP
''
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 16th Jul 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Want to Use 5paisa
Trading App?