Nifty Outlook - 9 Nov-2022

Ruchit Jain Ruchit Jain

Last Updated: 9th December 2022 - 04:49 am

Listen icon

Nifty started the week on a positive note above 18200 level on back of some positivity seen in some banking stocks. However, the index corrected post the positive open and gave up all the gains to sneak below 18100. But it again witnessed buying interest at lower levels and managed to reclaim the 18200 level at close to end with gains of about half a percent.

 

Nifty Today:

 

Our markets started the week on a positive note as some of the banking stocks witnessed positivity post announcement of their quarterly results over the weekend. The Nifty surpassed 18200 while the Bank Nifty also broke above the last two weeks of consolidation phase. However we witnessed some volatility during the day and the Nifty index gave up the gains during the day, but it managed to end around the opening point and formed a ‘Doji’ candle pattern on the daily chart. This pattern generally indicates an indecision amongst market participants and the follow up move gives more clarity on whether the index would continue its ongoing trend or see a reversal. For now, 18050 and 17950 are the important support levels to watch and till these supports are intact, the trend remains positive.

 

Banking stocks propel indices higher post quarterly results

 

Banking stocks propel indices higher post quarterly results

 

Only a breach of these support would then challenge the near term trend and hence, traders with long positions should keep a stoploss below 17950 and ride this trend. On the other hand, 18310 followed by 18350-18400 range would be the resistance zone to watch out for.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18050

41300

Support 2

17950

41000

Resistance 1

18310

41865

Resistance 2

18400

42050

 

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