Nifty Outlook - 13 September 2022

The Nifty index started the week on a positive note on the back of positive global cues. The index traded in a narrow range throughout the day but it kept its momentum intact and ended the day around 17950 with gains of more than half a percent.

Nifty Today:

Amidst positivity in global markets, our markets continued to witness buying interest and kept the momentum intact. However, Nifty is still unable to surpass the hurdle of 18000 and hence buying interest has spread to broader markets. Thus, it is better to continue to trade with a stock specific approach from a near term perspective. A close above 18000 is required for a continuation on the trend towards 18210 which will be the next targets as per the retracement theory. On the flipside, the support is shifting higher and 17600 is the important level for the short term. The Dollar Index has cooled off which should provide support to the market.

Nifty struggles to surpass 18000 hurdle but momentum seen in broader markets

Traders should also keep a close tab on the global market developments as it could drive the near market momentum. The immediate supports for the coming session are placed around 17860 and 17780 while resistances are seen around 18000 and 18080.

Nifty & Bank Nifty Levels: