Nifty Today Outlook Report - 11th May, 2022
5paisa Research Team
Last Updated: 10th December 2022 - 04:28 pm
Inspite of negative global cues, Nifty started trading for the session marginally down and traded in a positive territory for most part of the day. However, the index witnessed some selling pressure in the later part of the day and it corrected sharply in last hour to end below 16250 with a loss of four-tenths of a percent.
Our markets had steady start for the day inspite of the negative global cues. The Banking index outperformed and kept the momentum intact for most of the day. But the overall market breadth was weak which hinted that it was just a pullback in the index. Recently, the pullbacks in Nifty had resisted around its ’20 EMA’ on the hourly chart and in today’s session too up move in Nifty witnessed selling pressure around 16400 which was its ’hourly 20 EMA’.
Nifty Today:
So there’s no change in structure and the momentum readings on the intraday charts which were oversold, have witnessed some bounce too. The trend continues to be negative and hence we continue with our advice for traders to avoid bottom fishing. The probable downside levels to watch would in the coming session would be around 16157 and 16075 while resistance is seen around 16400.
The Banking stocks witnessed some relative outperformance during the day which led to a positive momentum in the Bank Nifty. However, the trend for the banking index too remains negative and thus this should just be seen as a pullback move. On the other hand, other indices such as Nifty Metal and Nifty Midcap index witnessed huge underperformance. Until the trend changes, we are likely to see such sharp corrections in stocks and hence, one should avoid any contra trades until any reversals seen.
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
16157 |
34170 |
|
Support 2 |
16075 |
33900 |
|
Resistance 1 |
16370 |
34800 |
|
Resistance 2 |
16415 |
35150 |
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