Market Outlook for 16 July 2024
Nifty Outlook 7 Feb 2023
Last Updated: 7th February 2023 - 10:34 am
Nifty traded with a negative bias on the first trading session of the week but the overall market breadth was positive and the index ended below 17800 with a loss of half a percent.
Nifty Today:
Post the pullback move on Friday, the trend consolidated in a range with some negative bias in Monday’s session. However, the broader markets did well as the breadth was positive and the Midcap stocks witnessed buying interest which led to an outperformance in the midcap index. The Nifty Midcap100 Index has formed a support base at 30000-29900 range and if the index manages to hold this, it would be seen as a ‘Triple Bottom’ at this support. Hence, the midcap stocks seems to have started gearing for the next leg of upmove and hence traders should look for stock specific opportunities from this space. As far as Nifty is concerned, the immediate resistance is around 17870 which is around the 20 DEMA, above which the index could rally towards the channel resistance of 18000. On the flipside, 17500-17450 is the immediate support range. The FII’s have covered some of their shorts in Friday’s session but still their ‘Long Short Ratio’ indicates heavy short positions intact. If they start covering these positions, then could be the major trigger for the markets to rally in the near term. Hence, traders should keep a close watch on their positions.
Midcap stocks witnessing buying interest amidst consolidation in benchmark
Amongst sectoral indices, the midcap stocks as mentioned above could witness outperformance and hence traders should look for opportunities from Nifty Midcap100 stocks. Certain metal stocks have breached their important supports and hence, one should be cautious on this sector for the time being.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Intraday FINNIFTY Levels |
Support 1 |
17700 |
41180 |
18275 |
Support 2 |
17635 |
41000 |
18180 |
Resistance 1 |
18830 |
41650 |
18500 |
Resistance 2 |
18890 |
41920 |
18600 |
Trending on 5paisa
Discover more of what matters to you.
Market Outlook Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.