Tanushree JaiswalMarket Outlook for 14 May 2024
by
Ruchit Jain
13/05/2024
Market Outlook
Nifty Today Outlook Report - 27 July 2022
Ruchit Jain
14th March 2023
Nifty started the day on a flat note but it corrected gradually throughout the day. It attempted a pullback from the intraday support of 16500, but again witnessed selling pressure towards the end to close the day below 16500 with a loss of about nine-tenths of a percent.
Nifty Today:
After hitting the overbought zone, our markets have seen a cool-off in last couple of sessions and have retraced some of the recent gains. However, there are no signs of trend reversal yet and hence as of now it should just be seen as a pullback move. Since the FED outcome on Wednesday evening could have an impact on the global markets, traders would look for cues from the same for next directional move in our markets as well.
Hence, traders are advised to look for stock specific opportunities. The immediate support for Nifty is placed in the range of 16400-16350. Looking at the structure, one should avoid any shorts now as the momentum readings have cooled-off from the overbought zone and any positive reaction to the FED outcome can lead to a resumption of the positive momentum. However, the intraday volatility could remain high due to uncertainty and hence traders are advised to trade with a proper risk management.
Amongst sectoral indices, all the sectors except Media ended in red. This could be a result of traders unwinding positions ahead to the global event.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
16355 |
364260 |
|
Support 2 |
16270 |
36120 |
|
Resistance 1 |
16560 |
36625 |
|
Resistance 2 |
16650 |
36840 |
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