Nifty Today Outlook Report - 12 August 2022

Ruchit Jain Ruchit Jain

Last Updated: 11th December 2022 - 01:10 pm

Listen icon

The positive reaction to the inflation numbers in the U.S. markets had a positive impact on the global markets and hence, Nifty too started the day with a gap up around 17700. Nifty then consolidated within a range for most part of the day and ended above 17650 with gains of seven-tenths of a percent.

 

Nifty Today:

 


The positive global markets momentum led to a continuation of the up move in our markets and Nifty surpassed the 17700 mark. The Banking sector continued its leadership while IT and Realty stocks too showed good momentum. The index has now reached the hurdle of 17700-17750 where a falling trendline resistance is seen. The momentum readings too are in the overbought zone which is a sign of caution.

 

Positive global markets led to further momentum in Nifty

 

Positive global markets led to further momentum in Nifty

 

However, there are no signs of reversal yet and as the recent trend has been very strong, traders should avoid contra bets till any reversal is seen. If the index surpasses the above mentioned trendline resistance zone, then it could continue its momentum towards 17870 which is the 78.6 percent retracement of the previous corrective phase. Looking at the overbought set ups, we advise traders to avoid aggressive bets at current juncture and look for stock specific trading opportunities with lower capital allocation. Also, this upmove from 17700-18000 should also be seen as an opportunity to book profits on positional longs. The immediate support for the index has now shifted higher to 17570 and any close below this support could be the initial signs of reversal of the trend.

 

 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17620

38700

Support 2

17570

37540

Resistance 1

17760

39000

Resistance 2

17800

39100

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