Nifty Outlook - 11 Oct-2022

Ruchit Jain Ruchit Jain Ruchit Jain 13th March 2023 - 05:17 pm
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In line with the SGX Nifty, we started trading for the session with a gap down below 17100 mark. However, the index recovered from the lows and ended the day tad below 17250 with a loss of less than half a percent.

 

Nifty Today:

 

The correction in the global markets led to a gap down opening, but it’s the follow up move which is always more important than the open. We did not see any follow up selling and hence, the index recovered some of the losses during the day. Now technically, last week’s high in both Nifty as well as Bank Nifty are around their 50 percent retracement levels of the recent corrective phase. Hence, 17430 in Nifty and 39600 in Bank Nifty are the important hurdles for the near term and a move above the same is required for any positive momentum. On the other hand, the options traders have built decent positions in the 17000 put option indicating a support there for next 2-3 sessions. Hence, the index seems to have formed a broad range of 17000-17400/17500 and only a breakout beyond the range will lead to a directional move. Until we see a breakout from this range, it is better to trade with a stock specific approach and let there be some clarity for any directional move.

 

Index forms a broad range for some time-wise correction

 

Index forms a broad range for some time-wise correction

 

The global factors such as the Bond Yields, currency movement and the global equities are likely to continue to dictate the near term move and hence, traders are advised to keep a close tab on these factors. The intraday supports for Nifty are placed around 17110 and 16980 while resistances are seen around 17325 and 17410.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17110

38635

Support 2

16980

38180

Resistance 1

17325

39435

Resistance 2

17410

39775

 

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