Nifty Today Outlook Report - 03rd Jun, 2022

market outlook on 3rd June 22

by Ruchit Jain Last Updated: 2022-06-11T18:22:01+05:30

Nifty started the session marginally negative around 14500 mark. The index took support around the previous day’s low of 16440 and then it gradually rallied higher throughout the day to end well above 16600 with gains of over 100 points.

nifty

 

Nifty had recently given a breakout from a consolidation above its hurdle of 16400 with a gap up opening. This breakaway gap is now acting as a support in last couple of sessions and this gap support which coincides with the ’20 DEMA’ has now become a crucial support. Hence, the short term momentum remains positive till the index now trades above 16400.

Nifty Today:

On the flipside, the immediate resistance will be seen around the ‘200 EMA’ at 16750, followed by 16825-16900 range. Although the Bank Nifty index has relatively underperformed the benchmark in today’s session, it is consolidating within a range in last few sessions and a breakout from the range will decide the next directional move. The important support for the Bank Nifty index is placed around 35285 followed by 35000. Traders are advised to look for a stock specific approach and look for sectors which are outperforming in intraday. 

Traders are advised to keep a close watch on the US Dollar Index as well. Our markets are inversely correlated to the same and recently we have seen very high correlation wherein important highs and lows in Nifty and US Dollar Index have coincided on the same day. The index has seen some pullback in last couple of sessions and in case it continues to go higher, then upside for our markets could be restricted.
 

 

Nifty Levels

Bank Nifty Levels

Support 1

16500

35440

Support 2

16440

35270

Resistance 1

16750

34730

Resistance 2

16825

35850

 


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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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