Nifty Today Outlook Report - 15th Jun, 2022
Last Updated: 11th December 2022 - 03:11 pm
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 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 |
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5paisa Research Team
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