Nifty Today Outlook Report - 30 Jun 2022

market outlook on 30 June 22

by Ruchit Jain Last Updated: 2022-06-30T12:10:26+05:30 IST

The weak global markets resulted in a gap down opening for Nifty around 15700 zone. However, we did not see any follow up selling and the index recovered the losses gradually. At one point, Nifty even entered positive territory but it ended around 15800 with a marginal loss of over a quarter of a percent.

Nifty Today:

In last couple of sessions, we have seen a gap down opening on the back of negative global cues. However, our markets have been reluctant to fall post opening and have witnessed a good support around 15700. The ‘RSI Smoothed’ oscillator on the daily chart still remains in Buy mode while on the lower time frame chart, Nifty has formed a channel in which prices have been gradually moving higher amidst some intermediate corrections.

 

NIFTY


The index has decent support around 15700 followed by 15600 levels and till these supports are intact, there’s a higher probability of a resumption of the positive momentum in the near term. Hence, traders are advised to trade with a positive bias and look for buying opportunities on intraday declines till the given supports are intact. On the higher side, the 50 percent retracement of the previous correction is seen around 15990 and 61.8% is around 16180 which would be the levels to watch for. A move above 15900 would be the first signs of the index marching towards the above given targets. 

The Bank Nifty index has relatively underperformed in last few sessions to the benchmark. However, the crucial support in the index is placed around the 33000 mark and if the index manages to hold this support, then a recovery could be expected in the banking space as well in the near term. On the other hand, the Nifty Midcap100 index is trading around its crucial hurdle of ’20 DEMA’ and hence one should keep a close tab on the same. Above 26900, the midcap space too could then witness participation on the long side.
 

 

Nifty Levels

Bank Nifty Levels

Support 1

15700

33160

Support 2

15600

33000

Resistance 1

15880

33530

Resistance 2

16000

33750


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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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%)

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