Top Growth Stocks Trading at a Discount
Nifty Outlook - 25 August 2022
Last Updated: 7th September 2023 - 05:09 pm
Nifty traded within a narrow range in yesterday’s trading session and ended above 17600 with marginal gains. The BankNifty index relatively outperformed and reclaimed the 39000 mark at close.
Nifty Today:
After testing low around the 20-day EMA on Tuesday, the Nifty has seen some recovery and has pulled back to surpass 17600 again. In last couple of days, the stock specific momentum has been positive as the market breadth was in favor of advances and the BankNifty index has seen decent buying interest.
Nifty consolidated in a range while Banking stocks outperform
However, it seems the market has again entered the corrective phase from the high of 18000 and after the first corrective move, it is retracing that move. The Nifty index has retraced more than 38.2 percent of this down move and if the up move continues on the expiry day, then it could attempt to move towards its next retracement resistances which are seen around 16760 and 17745. On the other hand, the Bank Nifty index has already retraced by 61.8 percent and has ended around the resistance. The 78.6 percent retracement resistance is placed around 39370. We advise traders to look to lighten up long positions in this pullback move and avoid aggressive trades. The immediate supports for Nifty on the lower time frame charts are placed around 17500 and 17410 and breach of these supports will give us confirmation of next corrective move.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17500 |
39690 |
Support 2 |
17410 |
38330 |
Resistance 1 |
17670 |
39250 |
Resistance 2 |
17745 |
39470 |
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