Weekly Market Outlook for 27 May to 31 May
Nifty Outlook - 19 Oct-2022
Nifty started the day with a gap up and surpassed the swing high of 17425. The index then traded within a range throughout the day amidst stock specific action and ended the day tad below 17500 with gains of a percent.
Nifty Today:
The markets have recently seen an upmove from its support base of ‘200 DEMA’. Both Nifty as well as the BankNifty index have surpassed their swing highs indicating a positive momentum. The short term upmove is expected to continue going ahead as the global markets (especially US markets) seems to be poised for a pullback move which could have an impact on the other equity markets. The Dollar Index also has entered a consolidation phase and will be supportive for equities until we see any sharp upmove. However, post the upmove in last few sessions, we are hovering near the 17500 mark where call writers in the options segment have built positions. So unwinding by these option writers is required for sharp upmove, else the move could be a gradual one with in between intraday pullbacks. In such a case, traders should keep a ‘Buy on dip’ approach for short term trading and look for buying opportunities on declines.
Market continues to momentum higher, global markets join
The immediate supports for Nifty are placed around 17350 and 17280 and declines towards these supports should be looked to buy into. On the flipside, 17550 and 17630 are the immediate resistance levels to watch out for.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17350 |
39885 |
Support 2 |
17280 |
39550 |
Resistance 1 |
17550 |
40660 |
Resistance 2 |
17630 |
41000 |
Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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