Nifty Outlook - 09 September 2022

On back of some recovery in the global markets, Nifty started the weekly expiry session on a positive note around 17750. The index consolidated within a narrow range throughout the day and ended around 17800 with gains of a percent.

Nifty Today:

After consolidating in a range in last few days, the index resumed the positive momentum as the global markets witnessed some recovery from the lows. In this recent consolidation, the 20 DEMA has acted as a support which is now placed around 17500. Thus, it now becomes a sacrosanct support and till this remains intact, we could see a slow and gradual momentum in the index. However, the stock specific movement continues to be robust and as the market breadth continues to be positive, traders should trade with a stock specific approach. The FII’s data in the derivatives segment continues to be bearish as they have majority of positions on the short side. Hence, one should keep a watch on the same and avoid aggressive index based trades. 

Support base for Nifty shifts to 17500

The intraday support for the coming session are placed around 17694 and 17610 while resistances will be seen around 17880 and 18000.

Nifty & Bank Nifty Levels: