NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 1 JULY 2022

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Domestic indices shook off a tenuous lead from the global market and recouped losses, helped by banking and energy stocks. Asian and European markets struggled to regain their footing amid global recession fears, resulting in a resurgent US dollar, which benefited from safe-haven demand. FII selling close to exhaustion provided solace to the nervous Indian market. Indian indices slipped slightly lower on Thursday, tracking weakness in global indices. The Sensex slipped 8 points to close at 53018 while the Nifty50 fell 18 points to end at 15780.

The Nifty Index is stuck in a sideways trend with immediate support at 15750 and resistance at 15850. Once the index breaks above the 15850 level, there will be sharp short coverage to the upside towards the 15900-16000 level. If the support at the lower end breaks, a drop towards the 15700 -15600 zone can be seen where fresh put writing can be seen. The battle between the bears and the bulls continued in the Bank Nifty index which resulted in the index ending on a flat note on the last day of the month. Immediate support on the downside lies in the 33500 -33300 range and upside resistance lies at 33800-35200 where a significant amount of call writing has been observed. The index needs to break out of this range on both sides for any directional movement.

Resistance: 15500, 15600, 15700

Support: 15400, 15300, 15200