Market Outlook for 16 July 2024
Nifty Outlook - 4 Nov-2022
Last Updated: 10th December 2022 - 12:16 pm
The US market corrected post the FED policy outcome and hence our markets too started the day on a
negative note as indicated by the SGX Nifty. However, our markets recovered from the opening lows led
by support from the banking space and Nifty ended the day marginally negative around 18050.
Nifty Today:
Inspite of the negative global cues, our markets managed to hold well on the weekly expiry day as the options writers had significant positions built in the 18000 put and with the support of the banking index, the Nifty managed to defend this support. The short term trend for our markets is still intact as of now, but if take a glance at the US markets, then it seems that the Nasdaq Index has resumed its downtrend post a pullback move and it could even breach the recent swing lows going ahead. If such scenario happen, the the global equities too could then react negatively and hence, short term traders should be vigilant on the global cues going ahead. As far as our markets are concerned, 17950 is the immediate support for Nifty and a breakdown below the same could then lead to a corrective phase in the near term. Hence, traders with long positions should refer to this as a make or break level and position their trades accordingly. On the higher side, 18200 is the immediate resistance above which the index would then continue its momentum.
Global event to dictate the near term trend for the market
Amongst sectoral indices, the IT space corrected as it has been following the Nasdaq index and negative cues from the later does not bode well for the near term. The Banking index showed relative outperformance in which, 40800 would be seen as the crucial support. Traders are advised to trade with a stock specific approach and lighten up longs if the key indices break the above mentioned crucial supports.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17970 |
40900 |
Support 2 |
17890 |
40540 |
Resistance 1 |
18120 |
41580 |
Resistance 2 |
18190 |
41860 |
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