Nifty Today Outlook Report - 09th Jun, 2022

market outlook on 9th June 22

by Ruchit Jain Last Updated: Jun 11, 2022, 06:18 PM IST

The event day (RBI Policy) witnessed significant volatility as traders were caught on the wrong foot on both sides. Initially Nifty witnessed selling pressure in the first hour of trade, but post the policy announcement it recovered and rallied higher. However, it again saw selling pressure at higher levels and Nifty corrected in the later part of the day to end tad above 16350 from the intraday high of over 16500.

nifty

 

Markets saw a fair bit of volatility due to the event but the trend for the markets has been clearly to ‘Sell on Rise’ as the hourly charts continue to exhibit a ‘Lower Top Lower Bottom’ structure. The derivatives data also indicates cautiousness as FII’s again have more short positions outstanding in the index futures segment.  Other external factors such as rise in the U.S.

Nifty Today:

Dollar index from the recent swing low and rise in Crude Oil prices continue to have a negative impact which can be seen. Until we see a change in the structure or data, traders should avoid bottom fishing and rather look for selling opportunities on pullback moves. The immediate resistances for Nifty are now seen around 16520 and 16610 while supports are placed around 16260 and 16170.
 

 

Nifty Levels

Bank Nifty Levels

Support 1

16260

34700

Support 2

16170

34450

Resistance 1

16480

35320

Resistance 2

16540

35700

 

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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SENSEX
53,018.94
-8.03 (-0.02%)
Nifty 50
15,780.25
-18.85 (-0.12%)
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155.20 (0.47%)

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