Nifty Today Outlook Report - 26 July 2022

Ruchit Jain Ruchit Jain Ruchit Jain 13th March 2023 - 05:20 pm
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The global markets hinted at some weak cues as the U.S. markets witnessed some correction on Friday. In line with that, Nifty started the day marginally negative and corrected till noon to form a low just above 16550. The index then recovered some of the losses but still ended with a loss of over half a percent.

Nifty Today:


Our markets had ended last week with overbought momentum setups on the lower time frame charts. Such set-ups usually lead to either a time-wise correction or a price-wise correction and hence the pullback is much on expected lines. We could see further price or time correction for next couple of sessions ahead of the Fed. Policy meet. The outcome of the event is likely to have significant impact on the global markets and hence, our markets too will then have more clarity on the next directional move. Hence, traders should look for stock specific opportunities for next couple of sessions and be vigilant on the market movement post the event. The immediate support for Nifty is placed around 16500 followed by 16400 while 16750-16800 is the immediate resistance zone. 

 

Nifty Outlook 25-July-2022


Amongst sectoral indices, the Nifty Metal index outperformed other sectors as the Dollar Index has cooled-off from the swing highs and since the metal stocks have inverse correlation with the DXY, they have been witnessing some relief rally. On the other hand, some of the Auto stocks corrected as post the recent outperformance the momentum readings in the Nifty Auto index have reached overbought zone and have shown signs of a correction within an uptrend.
 

 

Nifty Levels

Bank Nifty Levels

Support 1

16500

36450

Support 2

16400

36100

Resistance 1

16750

37000

Resistance 2

16800

37200

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