Nifty Outlook - 14 September 2022

The positivity in the global markets led to a gap up opening for Nifty and the index surpassed the hurdle 
of 18000. The traded in a narrow range post open, but it maintained its positive structure throughout 
the day and ended above 18050 with gains of three-fourth of a percent. 

Nifty Today:

The Nifty surpassed the hurdle of 18000 mark finally to register a Higher High on the daily chart and 
continue the momentum. The banking index too continued its upmove and almost tested the 41000 
mark. However, after many days the broader markets showed signs of some profit booking and hence, 
the Midcap and the Small cap stocks relatively underperformed and posted marginal gains. The oscillator still continues to hint at positive momentum, but the readings on the lower time frame chart have reached the overbought zone in both Nifty as well as Bank Nifty. Hence, if the upmove continues from here then the rally could get concentrated to fewer stocks and thus traders should be very selective in stock picking. The immediate support for Nifty is now placed around 17965 while resistance will be seen around 18135 and 18220.

Nifty finally reclaimed 18000 and ended well above it 

Traders are advised to continue to trade with the trend until any reversal signs are seen, and also look to book some profits at higher levels and overbought set-ups on the charts could slow down the momentum going ahead. 

Nifty & Bank Nifty Levels: