Nifty Outlook - 17 Nov-2022

Ruchit Jain Ruchit Jain

Last Updated: 14th December 2022 - 05:14 am

Listen icon

Our markets consolidated within a narrow range ahead of the weekly expiry day and ended on a flat note. 

Nifty Today:

Since last four trading sessions, Nifty has been consolidating within a narrow range. However, we have not seen any negative data as the global markets remain positive post the recent correction in the bond yields and the Dollar Index. We have not seen any short formations in our indices as well while the index continues to trade above its key moving averages and the RSI oscillator continues to hint at a positive momentum. The only worry is the lack of participation from the broader markets inspite of the market nearing record highs. Thus, traders would have to be selective in picking stock specific opportunities and hence until we see a breakout in the midcap index, it is better to avoid bottom fishing in the underperformers and trade in stocks which are witnessing buying interest with good volumes. In the options segment, traders seem to have written 18300 puts and thus 18300-18270 would be seen as the immediate support range. We expect the slow and gradual up move to continue and until we see any reversal, the index would approach the record highs soon.

Slow and gradual upmove in index as it is approaching record high

Nifty Outlook 17th Nov 2022

The intraday supports in Nifty for the coming session are placed around 18354 and 18300 while resistances are seen around 18452 and 18500.

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18354

42350

Support 2

18300

42165

Resistance 1

18452

42670

Resistance 2

18500

42800

 

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

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

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

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form