NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 12 JULY 2022

FOR OPTION CALL PUT LIVE TRADING TIPS JOIN US ON WHATSAPP 9039542248

On Monday 11 july 2022 markets remained in negative territory for most of the trading session, although they drifted into positive territory at some point towards the end before reversing the trend and ending in the red. IT stocks led the weakness in major benchmark indices after Friday's TCS Q1 results failed to cheer the road. Also, the downtrend in European markets in early trading continued to dampen sentiment at home. Market indices rebounded from intraday lows but ended with minor losses in the volatile July 11 session. At the close the Sensex was down 86 points at 54395 and the Nifty was down 4 points at 16216. Technically, after the early morning sell-off, the Nifty found support at 16150 and rallied sharply. We believe that the market is likely to continue with range bound activity in the near future. For traders, 16150 would act as the sacrosanct support level, while 16275-16300 would be the immediate resistance level. As long as the index trades above 16150 the uptrend wave is likely to continue to 16275-16375 and below 16150 the index could slide down to the 16025 level. The benchmark Nifty remained sideways throughout the session. For the intraday period, the index has held above its short-term moving average. The momentum oscillator RSI maintains its bullish crossover. Short term trend should remain positive as long as it holds above 16200. On the upper end, resistance is seen at 16300-16500.

Resistance: 16275, 16375, 16475

Support: 16175, 16075, 15975