Market Outlook for 16 July 2024
Nifty Outlook - 21 Oct-2022
Last Updated: 10th December 2022 - 02:43 am
Nifty started the weekly expiry session on a negative note, but held on above its support of 17400. The index then gradually recovered from the lows and traded with a positive bias to end the day above 17550 with gains of about three-tenths of a percent.
Nifty Today:
The currency depreciation and correction in the US markets led to a negative opening for our markets. However, the Nifty witnessed buying interest at lower levels which led to a smart recovery during the day. But the Banking index diverged and traded with a negative bias throughout the day and ended on a negative note. The currency depreciation is usually considered as negative for the equity markets but even when the INR has surpassed 83 mark, the Nifty has not formed a new low and infact is trading at much higher levels than the previous swing lows. This is seen as a positive divergence which implies buying interest in the equity segment by market participants. Also, the global markets are expected to either consolidate or see a pullback move in the near term which should support our markets as well. FIIs have covered some of their short positions in last few days which can be seen from their ‘Long Short Ratio’ which has improved from 15 percent to around 30 percent now.
Market holding its important supports inspite of INR depreciation
Hence, until there’s change in data, we continue to advise trades to trade with a positive bias and look for stock specific opportunities from a short term perspective. The immediate support for Nifty is placed around 17400 while resistance will be seen around 17630 and 17685.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17460 |
39900 |
Support 2 |
17400 |
39700 |
Resistance 1 |
17625 |
40255 |
Resistance 2 |
17685 |
40410 |
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