Nifty Today Outlook Report - 10th May, 2022

market outlook for 10 may

by Ruchit Jain Last Updated: Dec 12, 2022 - 01:21 pm 29k Views

Nifty started the week with another gap down opening and it breached the 16200 mark. However, the index recovered some of the losses post the first hour of correction and it ended tad above 16300 level.



Our market continues its short term corrective phase and there are no signs of reversal yet. In today’s session Nifty almost achieved the target of the ‘Bearish Flag’ pattern which we had mentioned about. However, the pullback moves are witnessing selling pressure and there is no broad market participation in the intraday pullbacks. The momentum readings on lower time frame charts are in the oversold zone and hence, we could see either a consolidation or a pullback to relieve the oversold set ups. In case of any such up move, initial resistance would be seen around the ’20 EMA' on the hourly chart’ which is placed around 16460 followed by ’20 DEMA’ at 16580.

Nifty Today:

Until we see a change in structure, traders should look for selling opportunities at higher levels and avoid aggressive positions. On the flipside, 16100-16000 would be support below which 15800 would be the immediate levels to expect. Amongst sectoral indices, the Nifty IT index is trading at its channel support and hence, could give a technical pullback. So in case the market sees any up move towards the mentioned resistances, it could be led by pullback in IT heavyweights. From a short term perspective, we continue to advise traders to trade with a ‘Sell on Rise’ approach and be cautious on the market.


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2




How do you rate this article?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

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.

Open Free Demat Account

Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest News
Sahana Systems IPO GMP (Grey Market Premium)

Sahana Systems IPO worth ₹32.74 crore comprises entirely of a fresh issue of shares by the company. The price band has been fixed in the range of ₹132 to ₹135.

  • Jun 07, 2023
Spectrum Talent Management IPO GMP (Grey Market Premium)

The ₹105.14 crore IPO of Spectrum Talent Management IPO comprises entirely of a combination of a fresh issue of shares and an offer for sale (OFS) by promoters and early shareholders.

  • Jun 07, 2023
IKIO Lighting IPO GMP (Grey Market Premium)

IKIO Lighting IPO worth ₹607 crore comprises of an offer for sale and also of a fresh issue of shares. The offer for sale (OFS) component is by the promoters and early shareholders of the company.

  • Jun 07, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number