Nifty Today Outlook Report - 27 July 2022

Nifty Today Outlook Report - 27 July 2022
Nifty Today Outlook Report - 27 July 2022

Market Outlook
by Ruchit Jain Last Updated: 2022-07-27T13:07:40+05:30

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.

Nifty Outlook 27-July-2022

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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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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