Nifty Today Outlook Report - 07th Jun, 2022

market outlook on 7th June 22

by Ruchit Jain Last Updated: 2022-06-11T18:19:52+05:30

Nifty started trading for the week marginally negative and corrected to retest the recent swing low support of 16450. The support played its role and the index then recovered all the losses and surpassed the 16600 mark. However, it ended the day right around the previous session’s close.

nifty

 

The month of June so far has seen a broad consolidation in the index which could be a time-wise correction before the index sets up the next directional move. At higher levels, we witnessed some selling pressure as the market approached the resistance of 16750-16800 during last week. On the flipside, the index is taking support around 16440 which is the previous breakout zone now acting as a support.

Nifty Today:

Hence, there’s no decisive trend on the short term charts for Nifty and in such scenarios, focusing on stock specific momentum is always a better idea. A move below 16440-16400 will lead to a sell-off again but until the index is above that, we could see both side moves in a broad range. The intraday supports for Nifty for the coming session are placed around 16500 and 16440 while resistances are seen around 16640 and 16710.

 

Nifty Levels

Bank Nifty Levels

Support 1

16500

35115

Support 2

16440

34920

Resistance 1

16640

35465

Resistance 2

16710

35620

 


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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.

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