Nifty Today Outlook Report - 28 Jun 2022

market outlook on 28 June 22

by Ruchit Jain Last Updated: 2022-06-28T12:14:49+05:30 IST

The positive global cues led to a gap up opening for Nifty where it surpassed 15900 at open. However, the index then consolidated within a narrow range throughout the day and ended below 15850 with gains of over eight-tenths of a percent.

 

NIFTY

 

Nifty Today:



IN last week, we witnessed a pullback move in the Nifty and the same continued today with a gap up. We witnessed a breakaway gap above 15400 last and today’s gap could be seen as a continuation gap which hints at a continuation of the pullback. In this pullback, Nifty has tested its ’20 EMA’ resistance and has just closed below it.

The 50% retracement mark of the recent correction is placed around 15990 while 61.8% retracement is around 16180. Now whether the index extends this pullback towards the above resistances needs to be seen. The Bank Nifty index has almost completed its 50% retracement at open yesterday. As of now there are no signs of exhaustion and hence, we expect the index to continue its up move gradually.

The support level for Nifty is placed around the hourly ’20 EMA’ at 15730 which would be an important level. A close below this would be the first hint to go cautious again. Until the data or chart structure changes, momentum traders should look to buy on intraday declines and trade this pullback move with a positive approach. However, given that this has just been a contra-trend move and the Nifty has already rallied from 15180 to 15900 in last few day’s one should avoid aggressive positions and trade with proper money management.

 

Nifty Levels

Bank Nifty Levels

Support 1

15730

32560

Support 2

15700

33400

Resistance 1

15900

34000

Resistance 2

15990

34180


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.

Open Free Demat Account

& get benefits worth 2100*

 
Resend OTP
Please Enter OTP
  • Have Promo code?
  • Use code ACT2100
Enter Promo code

By proceeding, you agree to the T&C.

SENSEX
59,462.78
130.18 (0.22%)
17,698.15
17,698.15
39.15 (0.22%)
39,042.30
39,042.30
162.45 (0.42%)

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number