Nifty Outlook - 18 Oct-2022

Ruchit Jain Ruchit Jain Ruchit Jain 11th December 2022 - 04:05 pm
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The SGX Nifty was indicating at probability of a negative opening, but our markets started the week on a flat note. The initial dip in the first half an hour got bought into and the indices then rallied higher throughout the day to end above 17300 with gains of about three-fourth of a percent.

Nifty Today:

 

Our markets shrugged off the negative global cues and rallied higher to reclaim 17300. The ‘200 DEMA’ support has played its role well last week to become a sacrosanct and the pullback from intraday dips indicate buying interest in the markets. The Banking and Financial space took the lead and outperformed which led to a breakout in Bank Nifty above its swing high registered in the first week of October. The overall market breadth was even steven but the movement in certain heavyweights indicates that the index could continue its upmove in the near term. The US Dollar index seems to have entered some short term consolidation phase and the US markets continue to trade at its support which hints at a possible pullback move in global equities. The momentum readings in both Nifty as well as the Bank Nifty index on the daily charts are in Buy mode and looking at all above technical evidence, we advise traders to trade with a positive bias.

 

Banking and Finance leads to take the markets higher

 

Nifty Outlook - 18 October 2022

The initial resistance for Nifty will be seen around the swing high of 17425, above which we expect the index to rally towards 17625 in the near term. On the flipside, 17100 and 16950 will not be seen as crucial supports for the index.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17165

39400

Support 2

17100

39100

Resistance 1

17435

40215

Resistance 2

17475

40500

 

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