Nifty Today Outlook Report - 01 July 2022
Last Updated: 11th December 2022 - 04:03 am
On the F&O expiry day, Nifty consolidated within a range and ended the day below 15800 with a marginal loss. However, it relatively underperformed Bank Nifty which showed some positivity and posted gains of about half a percent.
Nifty Today:
Our markets shrugged off the negative global cues and managed to hold above crucial supports. In last few sessions, Nifty has consolidated within a narrow range and a breakout from the range is required for next directional move. The immediate support for Nifty is placed in the range of 15700-15650 while resistance is seen around 15900.
A breakout beyond this range is required for next directional move. Below the support, the index would resume its downtrend which would have a negative impact on the overall market. On the flipside, a breakout above 15900 would lead the index towards its retracement resistances of 16000 and 16180. Short term traders should wait for a clear breakout form the above mentioned range and then trade in the direction of the breakout.
Post the recent pullback move, many key indices such as Nifty, Bank Nifty, Nifty IT, Midcap100 and Small Cap index are all trading around their respective 20-day EMA. A closing above this average is required for a continuation of the positive momentum and until then, the risk remains high for fresh longs and hence one should be light on positions.
Nifty Levels |
Bank Nifty Levels |
|
Support 1 |
15650 |
33200 |
Support 2 |
15575 |
32850 |
Resistance 1 |
15900 |
33660 |
Resistance 2 |
16000 |
33900 |
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