Market Outlook for 16 July 2024
Nifty Outlook - 6 Oct-2022
Last Updated: 9th December 2022 - 04:25 pm
The U.S. markets saw a smart recovery in Monday’s trading session which led to a positive momentum in the international markets. SGX Nifty too hinted at a gap up opening and as in line with the same, our markets started the day well above 17100 mark. The index kept the momentum intact throughout the session and ended tad below 17300 with gains of over a couple of percent.
Nifty Today:
It has been a roller coaster ride for the markets in last few sessions wherein the index has formed a broad range with support around its 200-day EMA. The correction in the later half on Monday seemed much negative but the recovery in global markets led to a positive surprise on Tuesday’s session. If we look at the international markets, the bond yields have cooled off and the Dollar Index has come off the highs. This led to a pullback move in the equities as a lot of short positions were intact in the system some of which came to cover up.
Cool-off in Bond Yields led to pullback move in equities
In the near term, our markets are likely to take cues from the international markets move accordingly. The immediate resistance is seen in the range of 17300-17400 and needs to be seen if the market crosses the same. On the flipside, 17000 and 16850 are the immediate support levels to watch out for.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17165 |
38745 |
Support 2 |
17055 |
38380 |
Resistance 1 |
17335 |
39330 |
Resistance 2 |
17400 |
39540 |
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