Nifty Today Outlook Report - 28 July 2022

Ruchit Jain Ruchit Jain Ruchit Jain 14th March 2023 - 11:26 am
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Post opening on a flat note, Nifty witnessed buying interest which led to a positive momentum in the indices. The index gradually moved higher throughout the day and ended tad below 16650 with gains of almost a percent.

Nifty Today:

The index witnessed marginal correction from the start of this week as the momentum readings on the lower time frame charts were overbought. However, the overbought setups were relieved and ahead of the Fed meeting outcome, we witnessed buying interest in the market. The banking index continued its positive momentum while other sectors too saw decent participation with outperformance coming from Pharma, Media and PSU Banks. The index has still maintained its ‘Higher Top Higher Bottom’ structure and hence, the short term trend remains positive. The FED has raised interest rates in line with market participants and the global markets have seen a relief rally. This would have an impact on our markets too and hence we expect our markets to rally higher. A continuation of this structure should lead the index towards 16800 followed by 17000 levels in the near term. On the other hand, yesterday’s low of 16438 will be seen as important support now.

Nifty Outlook 28-July-2022

 

The upmove is likely to have a positive impact on the broader markets, within which the IT index is interestingly placed where we could see a buying interest in the short term. Stocks from this sector have factored in the results impact and with recovery in global markets, traders can look for buying opportunities from a short term perspective.

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

16600

36700

Support 2

16520

36550

Resistance 1

16800

37250

Resistance 2

17000

37700

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