Nifty Today Outlook Report - 15th Jun, 2022

Market Outlook on 15th June 22

by Ruchit Jain Last Updated: Jun 15, 2022, 11:49 AM IST

Nifty started the day on a negative note below 16700 mark. Post the correction in the initial half an hour, the index attempted a gradual recovery and registered high above 15850.However, the index witnessed a lackluster trading in the later half and ended below 15750 with a marginal loss.

 

NIFTY


Nifty has corrected sharply in last one week from the swing high of almost 16800 to below 15700. Due to this sharp correction, the momentum readings on the lower time chart have entered oversold territory. Usually the index either witnesses a pullback move or a consolidation for 1-2 sessions in such oversold set-ups before resuming the momentum in direction of the trend. Today’s move has led to formation of an ‘Inverted Hammer’ candlestick pattern near the previous swing low support. This pattern, along with the oversold set ups can lead to a pullback move in one to two sessions.
 

Nifty Today:



However, a confirmation for such pullback will be seen only on crossover above the inverted hammer candle’s high of 15858. In such a case, the pullback could extend towards the retracement resistance and the recent gap zone of 15925 and 16100. But one should read any such up move, if it comes, as just a pullback within a downtrend as the oscillator on the daily chart is still in Sell mode and there are no signs of trend reversal. On the flipside, if the Nifty fails to surpass 15858 in the coming session and breaches 15650 then it will lead to a continuation of the downtrend and the index could then march towards 15450. 

The stock specific action does not indicate any bottoming out formation near the previous support zone. So in the near term, the index could probably break this support zone and witness further selling pressure. So traders should avoid aggressive positions and continue with the ‘Sell on Rise’ approach.

 

Nifty Levels

Bank Nifty Levels

Support 1

15650

33085

Support 2

15450

32860

Resistance 1

15860

33580

Resistance 2

15925

33850

 

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
52,727.98
462.26 (0.88%)
Nifty 50
15,699.25
142.60 (0.92%)
Nifty Bank
33,627.45
492.45 (1.49%)

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