Ruchit Jain Ruchit Jain 14th March 2023

Nifty Today Outlook Report - 27 July 2022

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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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