Nifty Today Outlook Report - 30 Jun 2022

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.

 

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.