Nifty Outlook - 02 September 2022

Sachin Gupta Sachin Gupta Sachin Gupta 15th December 2022 - 09:06 am
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After the mid-week holiday, Nifty started trading with a gap down as the global markets continued to trade with a negative bias while we had a trading holiday. The index again attempted to recover from the opening lows but ended around 17550 with a loss of over a percent.

 

Nifty Today:

 

The markets had a significant run up on Tuesday in anticipation that the global markets too will recover from the lows. However, we did not see any major recovery globally which resulted in a negative opening and the index gave up some of Tuesday's gains. However, the market breadth continued to be positive as a lot of stock specific up move was seen and the market breadth was in favor of the advances. After the high of 18000, the indices have turned a lot volatile and have seen moves on both sides which have perplexed market participants. However, the momentum readings on the daily chart have given a negative crossover which indicates we have already entered a corrective phase.

 

High volatility in indices; better to trade with stock specific approach

 

High volatility in indices; better to trade with stock specific approach

 

There are two types of corrective phases, one is a price wise correction and other a time-wise correction and this seems to be a time-wise corrective phase as the index is trading within a broad range while focus is on stock specific momentum. Hence, until the index surpasses the major hurdles of 17800 and 18000, we are not out of the woods yet and thus traders should keep a stock specific approach and look for stocks which are in momentum. The intraday supports for Nifty in the coming session are placed around 17440 and 17340 while resistances are seen around 17670 and 17800. 

 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17440

38845

Support 2

17340

38390

Resistance 1

17670

39710

Resistance 2

17800

40120

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