Nifty Today Outlook Report - 23 Jun 2022

market outlook on 23rd June 22

by Ruchit Jain Last Updated: Jun 23, 2022, 12:45 PM IST

After the sharp pullback in Tuesday’s session, our markets opened with a gap down of about 100 points. The index then traded with a negative bias throughout the day and ended the day tad above 15400 with a loss of almost one and a half percent.

nifty

 

In last few sessions, we have seen all type of trends on short term charts wherein the index first consolidated with a range of 15180-15400 for a couple of sessions, then the index gave a breakout above 15400 with a gap up on Tuesday and rallied sharply higher; and then a gap down opening to wipe out much of those gains on Wednesday.

Nifty Today:

The trend for the market still remains down but within this down trend, we are in phase of a pullback move as the momentum readings were quite oversold. The previous support zone of 15650-15750 which was breached during last week has now acted as a resistance and hence the question remains whether it was just a one day up move and the market will correct further.

Usually, after such oversold set ups, pullback moves are seen in a three wave structure popularly known as a-b-c move and yesterday’s correction seems to be wave b of this pullback. So one more leg higher could be seen in next few sessions which would relieve the oversold set ups on the daily charts as well. The immediate support for Nifty is placed in the range of 15300-15400 followed by 15180 while resistances are seen around 15525 and 15650. 

 

Nifty Levels

Bank Nifty Levels

Support 1

15300

32700

Support 2

15180

32550

Resistance 1

15525

33050

Resistance 2

15650

33250

 

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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