Market Outlook for 16 July 2024
Market Outlook for 25 January 2024
Last Updated: 25th January 2024 - 03:56 pm
Our markets witnessed high volatility ahead of the F&O expiry day. Nifty sneaked below 21200 mark during the day, but it recovered sharply towards the end and closed above 21450 with gains of about a percent from previous day’s close.
Nifty Today:
Nifty has corrected sharply in last few days from the high of 22124 to sub-21200 levels. The volatility has increased recently and when the range is broad, the 40-day EMA becomes an important level for the short term. This average support is placed around 21200 and the Nifty index has managed to recover and close well above this support in Wednesday’s session. Although the daily RSI remains negative, the readings on the hourly charts have given a positive crossover from the oversold zone and hence, we could see a pullback move in next few sessions. Thus, although the intraday volatility could remain high, the index can see some pullback towards 21600-21700 zone while 21300-21200 would be seen as immediate support. Traders are advised to trade with a stock specific approach for a while.
Nifty manages to recover from the 40 DEMA support
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 21350 | 44550 | 20000 |
Support 2 | 21230 | 44400 | 19880 |
Resistance 1 | 21580 | 45550 | 20500 |
Resistance 2 | 21700 | 46000 | 20650 |
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