Nifty Today Outlook Report - 01 July 2022

market outlook on 01 July 22

by Ruchit Jain Last Updated: Dec 11, 2022 - 04:03 am 24.3k Views
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On the F&O expiry day, Nifty consolidated within a range and ended the day below 15800 with a marginal loss. However, it relatively underperformed Bank Nifty which showed some positivity and posted gains of about half a percent.

Nifty Today:

 

Our markets shrugged off the negative global cues and managed to hold above crucial supports. In last few sessions, Nifty has consolidated within a narrow range and a breakout from the range is required for next directional move. The immediate support for Nifty is placed in the range of 15700-15650 while resistance is seen around 15900.

A breakout beyond this range is required for next directional move. Below the support, the index would resume its downtrend which would have a negative impact on the overall market. On the flipside, a breakout above 15900 would lead the index towards its retracement resistances of 16000 and 16180. Short term traders should wait for a clear breakout form the above mentioned range and then trade in the direction of the breakout. 
 

nifty

 

Post the recent pullback move, many key indices such as Nifty, Bank Nifty, Nifty IT, Midcap100 and Small Cap index are all trading around their respective 20-day EMA. A closing above this average is required for a continuation of the positive momentum and until then, the risk remains high for fresh longs and hence one should be light on positions.

 

Nifty Levels

Bank Nifty Levels

Support 1

15650

33200

Support 2

15575

32850

Resistance 1

15900

33660

Resistance 2

16000

33900

 

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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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