Nifty Today Outlook Report - 15 July 2022

Nifty started trading for the weekly expiry session above the 16000 mark. However, the index corrected from the highs and it even breached the 15800 level. The index recovered some of the losses towards the end and closed above 15900 with a marginal loss.

Nifty Today:

Nifty has corrected gradually in the last few sessions from its swing high of 16250 and has now reached its important support zone. A rising trendline support from the recent lows and the 38.2% retracement of the up move is placed in the range of 15850- 15800 and the index has almost tested that support range.

                                        All eyes on global factors for next directional move

Our markets have held above its crucial supports inspite of negative news follows such as higher inflation, rising Dollar Index etc. This divergence could now lead to the next leg of up move if the market resumes the positive momentum Hence, traders are advised to look for buying opportunities from a short term perspective as the risk reward ratio for contra bets seems favorable here. The immediate support for Nifty is placed in the range of 15850-15800 while resistance will be seen around 16250.