Nifty Today Outlook Report - 21st Jun, 2022
5paisa Research Team
Last Updated: 11th December 2022 - 12:35 pm
Nifty started the week on a positive note above 15300. The index oscillated within a range for most part of the session and ended the day above 15350 with gains of about half a percent.
Nifty has traded within the same range which we witnessed on Friday and has formed back to back doji candlesticks. However, although the index ended positively, the broader markets witnessed a sharp sell-off with many midcap cap and small cap stocks witnessing big cuts. This clearly reflects the corrective phase of the market, but since momentum readings on the index have reached the oversold zone, we did not see further correction in the index.
Nifty Today:
The FMCG and IT sectors which are seen as defensive space saw buying interest which prevented any correction in the index. On the daily chart, two doji candlestick patterns have been formed with similar trading range on Friday as well as Monday.
According to the intraday range, 15400 will be the trigger level to watch and if the index surpasses that level, then could witness a pullback move to relieve the oversold momentum readings. On the flipside, since the market breadth has worsened, if the index breaches the support of 15180, then it will lead to a resumption of the corrective phase in the heavyweights as well. Above 15400, we can see a pullback towards the 15650 which was the earlier support broken. Traders are advised to be stock specific and avoid catching a falling knife (i.e. avoid stocks which are underperforming).
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
15180 |
32430 |
|
Support 2 |
15115 |
32180 |
|
Resistance 1 |
15400 |
32930 |
|
Resistance 2 |
15500 |
33180 |
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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