Nifty Today Outlook Report - 26th May, 2022
Ruchit Jain
Last Updated: 11th December 2022 - 12:21 pm
Nifty started the day marginally positive but it was unable to see any positive momentum. The sell-off in the IT index and the broader markets kept the momentum negative and the index ended tad above 16000 with a loss of about 100 points.
As the market approached the higher end of the recent trading range around 16499, we saw selling pressure again which indicates that we are not out of the woods yet. Although the banking and financial is still holding well, the broader markets have resumed their downtrend which can be seen in the negative market breadth. The ’20 DEMA’ has recently acted as a hurdle on pullback moves and this time too, Nifty has reacted from that resistance. The Nifty Midcap index was unable to surpass its moving average hurdle and has resumed its ‘Lower Top Lower Bottom’ structure.
Nifty Today:
Thus, the downtrend has resumed post a consolidation phase in the midcap space and it could well spill over to the indices as well in the near term. Hence, traders are advised to stay cautious and avoid longs until the Nifty cross its ’20 DEMA’ hurdle which is now around 16350. One can keep trading with a ‘Sell on Rise’ strategy and use intraday pullbacks to lighten up longs as well. The intraday supports for the coming session are placed around 15945 and 15870 whereas resistances are seen around 16165 and 16300.
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
15945 |
34115 |
|
Support 2 |
15870 |
33940 |
|
Resistance 1 |
16165 |
34720 |
|
Resistance 2 |
16300 |
34850 |
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