Nifty Today Outlook Report - 17th Jun, 2022

market outlook on 17th June 22

by Ruchit Jain Last Updated: Jun 21, 2022, 12:54 PM IST

Looking at the SGX Nifty, Nifty started the day on a positive note above 15800. However, the index witnessed sell-off right from the word go and it corrected sharply to break the swing low supports. The index did not give any pullback move during the day and it ended near the lowest point at 15360 with a loss of over a couple of percent.
 

NIFTY



The index had a positive start but it was mere a formality as the index witnessed a sell-off right from the opening ticks. As highlighted in our earlier outlook, the FII’s data have been bearish since last couple of weeks as majority of their positions in the index futures were on the short side. The market followed the data, and the longs were seen panicking as the index breached below its swing low of 15650.
 

Nifty Today:


As of now, the trend continues to remain bearish. However the momentum readings on the lower time frame chart has reached the oversold zone and hence, a pullback move could be seen from the short term supports in the near term. But until there’s change in data or the structure, the trend remains bearish.

The immediate supports for Nifty are placed around 15270 and 15080 and because the readings on lower time chart are oversold, a pullback can be seen from these levels. On pullback moves, 15650-15800 will be seen as immediate resistance zone.

 

Nifty Levels

Bank Nifty Levels

Support 1

15270

32200

Support 2

15080

31900

Resistance 1

15500

33000

Resistance 2

15650

34350

 

 

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.

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SENSEX
53,018.94
-8.03 (-0.02%)
Nifty 50
15,780.25
-18.85 (-0.12%)
Nifty Bank
33,425.10
155.20 (0.47%)

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