Nifty Today Outlook Report - 08th Jun, 2022

market outlook on 8th June 22

by Ruchit Jain Last Updated: Dec 11, 2022 - 05:56 am 26.4k Views
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Nifty opened with a gap down and breached the 16400 mark in initial couple of hours. Post registering a low below 16450, the index recovered some of the losses and consolidated within a range for the rest of the session to end tad above 16400 with a loss of over 150 points.

nifty

 

Recently the Nifty has witnessed a support around 16400-16450; but it breached that support post a gap down opening today. Although the index ended above 16400, there was no buying interest seen and hence, the momentum was negative throughout the day. On the hourly chart, Nifty has resumed its ‘Lower Top Lower Bottom’ structure post the recent retracement move which indicates that the market has resumed its short term downtrend.

Nifty Today:

Considering the event of RBI policy, the outcome of the meeting could lead to some intraday volatility or a pullback move. But any pullback is likely to witness selling pressure in line with the trend. All the sectoral indices except Auto witnessed selling pressure and ended in the red. The overall market breadth also has deteriorated which is not a good sign. Hence, traders should avoid bottom fishing and consider any up move due to the event as just a pullback move and look to lighten up longs in such up moves. In the near term, the Nifty could test 16200-16250 range while on any pullback moves, 16550-16650 will be seen as the resistance zone.

 

Nifty Levels

Bank Nifty Levels

Support 1

16345

34835

Support 2

16275

34675

Resistance 1

16465

35155

Resistance 2

16565

35315

 

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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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