NIFTY OUTLOOK & OPTION CALLPUT TIPS FOR 22 OCT 2021

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The Nifty opened gap up only to face fresh round of selling near the 20 HMA. On the way down, it breached the level of 18050. However it received support as it approached the crucial 18000 mark.  Market witnessed selling on the third straight session on October 21 mostly dragged by IT and metal names. At Close, the Sensex was down 336 points at 60923, and the Nifty was down 88 points at 18178. Weak global cues triggered selling pressure for the third day in a row, while for one more time bears took the aggressive stance near the 18400 resistance level.

Technically, after a short term price correction, the Nifty took support near the 18050 level and reversed sharply.  The index has formed a bearish candle on daily charts but at the same time it took support near the important retracement level of 18000. We are of the view that the intraday texture of the market is weak and is likely to continue in the near future.  However, 18200 would be the immediate support level for the day traders. As long as the index is trading above the same, a pull-back rally could be seen up to 18300-18400 levels. On the flip side, dismissal of 18100 may intensify further weakness up to 18050-18000.

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Resistance: 18200, 18300, 18400

Support: 18100, 18000, 17900