Nifty Outlook - 06 September 2022

Ruchit Jain Ruchit Jain Ruchit Jain 9th December 2022 - 11:10 pm
Listen icon

Nifty started trading for the week on a flat note and witnessed positive momentum during the day. Amidst positive market breadth, Nifty ended the day above 17650 with gains of seven-tenths of a percent.

 

Nifty Today:

 

During last week, Nifty had seen a smart recovery post Monday’s gap down opening and had rallied sharply in Tuesday’s session. However, since then the Nifty has consolidated within last Tuesday’s range and the broader markets have seen stock specific momentum. Post the high of 18000, Nifty corrected during the later half of August month and off late the index seems to be consolidating within a range. Although the broader market is showing a positive momentum some of the data such as FII’s positions in the index futures segment and the rising Dollar Index are not much positive. Also, the momentum readings on the daily chart have recently given a negative crossover from the overbought zone and have not yet crossed to the buy side. Thus the data indicates probability of a corrective phase for the index but since the overall market breadth is healthy, we are witnessing a time-wise correction (consolidation) this time rather than a price-wise correction. Hence, the indices might continue to trade in a broad range while stock specific action may continue. Thus, short term traders should now look to trade with a stock specific approach.

 

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

 

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

 

The intraday supports In Nifty for the coming session are placed around 17576 and 17485 while resistances will be seen around 17720 and 17772.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17576

39520

Support 2

17485

39235

Resistance 1

17720

39980

Resistance 2

17772

40150

How do you rate this article?

Characters remaining (1500)

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.

FREE Trading & Demat Account
Resend OTP
Resend OTP
''
''
Please Enter OTP
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 24 May 2024

by Ruchit Jain 24th May 2024

Market Outlook for 23 May 2024

by Ruchit Jain 23rd May 2024

Market Outlook for 22 May 2024

by Ruchit Jain 22nd May 2024

Want to Use 5paisa
Trading App?