Nifty Today Outlook Report - 03 August 2022

Ruchit Jain Ruchit Jain

Last Updated: 7th September 2023 - 05:09 pm

Listen icon

The Asian markets were trading with a negative bias and hence our markets too corrected post opening in the first hour of the day. However, from the low of 17215 the index recovered and rallied to almost test 16400 mark. But it was not done yet, it gave up the gains too in the last half an hour and Nifty ended tad below 16350 around the previous day’s close.

 

Nifty Today:

 

It was a volatile trading session for Nifty but it managed to end the day on a flat note. However, the stock specific momentum was good and markets breadth was positive which provided good trading opportunities for day traders. If we look at the lower time frame charts of Nifty, the momentum set ups are showing a negative divergence as although the index surpassed the previous day's high, the oscillator has not thus formed a divergence. Also Nifty is trading around the crucial hurdle of 61.8% retracement of the entire corrective phase of last few months. Usually when such divergences in overbought zone coincide around crucial resistance, it should lead to either a time-wise or a price-wise correction in the index in the short term. Hence, traders should look to book profits on long positions and look for some correction in the next few days. 

 

Divergences seen at resistance zone, better to start booking profits

 

Divergences seen at resistance zone, better to start booking profits

 

The immediate support for Nifty is placed around 17200 below which the index could test 17000 level. On the flipside, 17350-17400 is the immediate resistance zone.
 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17200

37735

Support 2

17000

36500

Resistance 1

17400

38200

Resistance 2

17500

38400

How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Indian Stock Market Related Articles

Top Growth Stocks Trading at a Discount

by 5paisa Research Team 4th Nov 2024

Best Gold ETFs in India

by 5paisa Research Team 4th Nov 2024

Best Corporate Bonds in India

by 5paisa Research Team 4th Nov 2024

Top 10 Best Government Bonds in India

by 5paisa Research Team 4th Nov 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.

Want to Use 5paisa
Trading App?