Nifty Today Outlook Report - 07th Jun, 2022
Ruchit Jain
9th December 2022 - 11:50 am
Nifty started trading for the week marginally negative and corrected to retest the recent swing low support of 16450. The support played its role and the index then recovered all the losses and surpassed the 16600 mark. However, it ended the day right around the previous session’s close.
The month of June so far has seen a broad consolidation in the index which could be a time-wise correction before the index sets up the next directional move. At higher levels, we witnessed some selling pressure as the market approached the resistance of 16750-16800 during last week. On the flipside, the index is taking support around 16440 which is the previous breakout zone now acting as a support.
Nifty Today:
Hence, there’s no decisive trend on the short term charts for Nifty and in such scenarios, focusing on stock specific momentum is always a better idea. A move below 16440-16400 will lead to a sell-off again but until the index is above that, we could see both side moves in a broad range. The intraday supports for Nifty for the coming session are placed around 16500 and 16440 while resistances are seen around 16640 and 16710.
|
Nifty Levels |
Bank Nifty Levels |
|
|
Support 1 |
16500 |
35115 |
|
Support 2 |
16440 |
34920 |
|
Resistance 1 |
16640 |
35465 |
|
Resistance 2 |
16710 |
35620 |
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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