Nifty Outlook - 15 Nov-2022

Nifty started trading for the week marginally positive, but it traded within a narrow range for the entire day and ended around 18330 with a marginal loss. 

Nifty Today:

Our markets traded within a narrow range during the day and we saw more stock specific movement. The global cues remain positive as the U.S. Bond yields have corrected sharply and the Dollar Index too has seen a down move in last few trading sessions. The Nifty index is holding above its crucial support and the momentum reading on daily as well as hourly time frame charts remain in Buy mode. Hence, the short term trend continues to be positive for the Nifty index. However, the lower time frame charts on the Bank nifty index is indicating the possibility of a time-wise or small prices wise correction before resuming its uptrend. Since the daily chart structure remains positive for key indices, traders are advised to keep a ‘Buy-on-Dip’ approach and look for buying opportunities on intraday declines. The intraday supports in Nifty for the coming session are placed around 18260 and 18170 while resistances are seen around 18435 and 18520.

Index consolidates in a range, stock specific buying interest seen
 

The IT sector has witnessed buying interest off late post the recent upmove in the Nasdaq Index. The Metals space has also been buzzing as the falling Dollar Index is generally positive for this sector. Hence, traders are advised to look for stock specific opportunities within these sectors as the outperformance could continue in the near term.

Nifty & Bank Nifty Levels: