Market Outlook for 09 September 2024
Nifty Today Outlook Report - 12 August 2022
![Stock Market Outlook Report - 12-August-22 Stock Market Outlook Report - 12-August-22](https://storage.googleapis.com/5paisa-prod-storage/files/2022-08/Market%20outlook%20%282%29.jpg)
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Last Updated: 11th December 2022 - 01:10 pm
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](https://storage.googleapis.com/5paisa-prod-storage/files/inline-images/Positive%20global%20markets%20led%20to%20further%20momentum%20in%20Nifty.jpg)
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 |
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