Nifty Outlook - 11 Nov-2022

Ruchit Jain Ruchit Jain

Last Updated: 9th December 2022 - 04:28 am

Listen icon

Nifty started the weekly expiry session with a gap down and traded with a negative bias throughout the day. Nifty breached the 18000 mark during the day, but it recovered marginally from lows and ended above 18000 with a loss of two-third of a percent.

 

Nifty Today:

 

The recent upmove in the Nifty witnessed slowdown in momentum which resulted in a negative divergence on the lower time frame chart. Such divergences usually lead to either price wise or a time wise correction in the short term which we witnessed on the expiry day. In last few day’s Nifty has consolidated within the range of 17950-18300 wherein the index has witnessed buying interest in the range of 18000-17950. This would be seen as a make or break for the near term and hence, traders would be keenly watching this support. On the other hand, the banking index has continued to witness strength and it would be the key sector to lead the near term momentum. A close below 17950 could then lead to a profit booking and retracement of the recent upmove and hence, traders should keep stoplosses accordingly on the long positions. The market breadth was negative with midcap and small cap basket showing relative underperformance. 

 

Nifty near crucial support, market breadth weakens

Nifty Outlook 11th Nov


 

 

Hence, traders should be very selective in stock picking and look for trading opportunities in sectors which are showing strength relative to the benchmark. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17960

41400

Support 2

17900

41200

Resistance 1

18100

41725

Resistance 2

18170

41850

 

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?