Nifty Outlook - 28 Oct-2022

Post the mid-week holiday, Nifty started the session on a positive note around 17770. The index consolidated within a range on the expiry day and recovered from the intraday dip in last half an hour to end the day well above 17700 with gains of about half a percent.

Nifty Today:

Inspite of the in-between holidays, our market has kept the trend intact and is witnessing buying interest in intraday dips. In last three trading sessions, the Nifty has traded within the range of 17600-17800, but the crucial support are intact with market breadth being positive. The Dollar Index, has also corrected in last couple of sessions and is back to below 110 level which is positive for the equity markets. The RSI oscillator on the daily as well as the hourly chart is indicating a positive momentum. The immediate support for the index has now shifted higher to 17600 while the ’20 DEMA’ support is placed around 17440. Till the index keeps the support intact, or till there’s change in data traders should continue to trade with a positive bias and look for stock specific buying opportunities. 

Correction in Dollar Index to provide support to equity markets

The intraday supports for Nifty for the coming session are placed around 17665 and 17600 while resistances are seen around 17800 and 17855.

Nifty & Bank Nifty Levels: