Nifty Outlook - 07 September 2022

Nifty started the day on a positive note but it witnessed resistance around last Tuesday’s high and gave up the gains to end on a flat note.

Nifty Today:

Post last week’s volatility, the indices have been trading within a narrow range which seems to be a time-wise corrective phase. There’s a lot of stock specific momentum which is providing good trading opportunities. Certain cues such as the Rising Dollar Index and bearish FII’s positions in the index futures segment do not support a run-up move for the markets in the near term. Hence, until there’s change in the data, we may not see any directional move in the index. Traders are advised to focus on stock specific trading opportunities for time-being and avoid aggressive index trades. In options segment, open interest addition is seen in 17800 call which would be seen as a near term hurdle while 17500 is the support as per the data. Thus, a breakout beyond this range would only lead to a directional move and till then, consolidation in the index could continue.

Data indicates market may not see a run-up move

The intraday supports In Nifty for the coming session are placed around 17573 and 17491 while resistances will be seen around 17750 and 17845.

Nifty & Bank Nifty Levels: