Market Outlook for 16 July 2024
Market Outlook for 07 May 2024
Last Updated: 7th May 2024 - 10:51 am
Nifty traded within a narrow range at the start of the week, but a lot of sector specific momentum was seen on both the sides of the trade. The market breadth was more in favor of declines while the index ended below 22450 with a marginal loss.
Nifty Today:
Post the sharp sell off from the highs on Friday last week, Nifty consolidated in a range but the volatility index (INDIA VIX) rallied by another 13 percent on Monday. Rise in VIX and negative market breadth indicates nervousness amongst market participants. Nifty has witnessed selling pressure twice in last one month around 22750-22800 level and 22300 is an important 40 EMA support. As of now, the broader trend is positive, but considering the above factors, in case if the index breaks the mentioned support in the near term, then we might see a move upto 22000-21900 zone. On the other hand, a move above 22800 will lead to a resumption of the momentum in the index. Traders are advised to trade with a stock specific approach and look for sectors/stocks outperforming.
INDIA VIX rises sharply, market breadth turns negative
The Nifty FMCG index has seen a positive RSI divergence recently and the index is on the verge of a breakout from its consolidation. Since this sector has seen a correction, the risk rewards seem favorable to taking contra trades here with swing low as stop loss.
Nifty, SENSEX Levels, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 22370 | 73670 | 48720 | 21600 |
Support 2 | 22300 | 73440 | 48520 | 21500 |
Resistance 1 | 22660 | 74590 | 49460 | 21870 |
Resistance 2 | 22730 | 74820 | 49660 | 22000 |
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