Market Outlook for 16 July 2024
Market Outlook for 01 March 2024
Last Updated: 1st March 2024 - 10:28 am
The indices traded with higher volatility on the February series expiry day, but Nifty managed to recover from the morning low of 21860 and ended the day above 22000 mark.
Nifty Today:
Nifty has been trading in channel since last few days which resembles a ‘Rising Wedge’ pattern. On Thursday, the index took support precisely around the rising trendline support and witnessed a recovery. Thus, 21850 would be seen as the important support followed by the ’40 DEMA’ which is placed around 21740. Only a breach of these supports would confirm a reversal which would then result into a price wise corrective phase. Till then, the trend continues to be sideways and hence we continue with our advice to prefer stock specific approach. The Nifty Midcap index too ended the day above its ‘40 DEMA’ support which has been a sacrosanct in the recent pullbacks.
Similar to the Nifty index, today’s low in the Midcap100 index too would be seen as a crucial support and a breakdown below the same will be negative for the near term. Thus, next couple of sessions would be crucial to determine the near term trend and traders can refer to the above given supports in the Nifty and the Midcap100 index as stop loss for existing long positions. On the higher side, 22200-22300 is the immediate resistance zone above which, the index would resume its uptrend.
Nifty recovers from crucial support on expiry day
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 21860 | 45750 | 20260 |
Support 2 | 21740 | 45370 | 20120 |
Resistance 1 | 22080 | 46420 | 20530 |
Resistance 2 | 22170 | 46710 | 20650 |
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