NIFTY WEEKLY OUTLOOK & TECHNICAL VIEW FOR COMING WEEK 8 AUG TO 12 AUG 2022

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WEEKLY RESISTANCE FOR NIFTY: 17550, 17750, 17900

PIVOT POINT: 17500

WEEKLY SUPPORT FOR NIFTY:  17350, 17150, 16900

WEEKLY CHART FOR NIFTY

We witnessed an auspicious start to the new week and month on August 1, 2022, where the initial hiccups were decisively bought by the bulls and the uptrend resumed. Optimism in global stock exchanges has boosted our market, resulting in widespread buying interest. The benchmark index, the Nifty50, rose for the fourth straight day to retake the 17300 level by posting a gain of over a percent. The Indian stock market saw slight range-bound action in the August 2, 2022 session until fag end buying interest caused the benchmark index to float. The index rose to the daily high during the last hour of trading but was soon followed by some profit booking. Despite all the action, the benchmark index continued its positive stature, maintaining its upward movement for the fifth straight day. The Nifty saw a mere 0.03 percent gain to settle slightly below the 17350 level.

on 3rd augusut 2-22 market has seen a mild start tracking the mixed global cues and followed a sluggish move for most of the trading session. The benchmark index witnessed a lackluster day of trade until the fag end buying interest boosted the sentiments and soared the index to test the 17400 odd zone. With all such actions, the index maintained its positive stature for the sixth consecutive session and concluded the day a tad below 17400 levels by procuring another 0.25 percent. On 4th August 2022 market has started the day with a decent gap up tracking the positive global cues, wherein the benchmark index inched towards the 17500 mark. But soon after the opening, markets lost their sheen and slid inside the negative terrain. Generally, we term it as a profit booking, but this time it wasn’t the normal move as we saw a complete nosedive around the midsession, which was intimidating at one point. Within a blink of an eye, we not only broke 17400 and 17300 but also went on to thrash the key support of 17200. Fortunately, it did not turn out to be a nightmare, as the mighty bulls came to rescue and defended the territory throughout the remaining part of the session. With the intense tug of war between the bulls and the bears, the Nifty managed to conclude the action-packed weekly expiry almost at Wednesday’s close. On Friday Despite the rate hike being on the higher side of the expectations, the market welcomed the RBI's move of 50 basis hike with rising bond yields. Even though metals prices are softening, RBI decided to keep FY23 inflation targets unchanged at 6.7 percent, which is above the tolerance level. However, given that Q3 and Q4 inflation is anticipated to be between 4.0 percent and 4.1 percent, the market is hopeful for the future. Benchmark indices ended the session on August 5 on a flat note amid volatility. Sensex was up 89 points at 58387, and the Nifty added 15 points at 17397. On Friday, although the rate hike was on the higher side of expectations, the market welcomed the RBI's 50 basis point move with rising bond yields. Despite metals prices falling, the RBI decided to leave FY23 inflation targets unchanged at 6.7 percent, which is above tolerance levels. However, with inflation expected to hover between 4.0 percent and 4.1 percent in the third and fourth quarters, the market is looking to the future with hope. Benchmark indices ended the August 5 session on a flat note amid volatility. Sensex rose 89 points to 58387, and the Nifty added 15 points to 17397.

TECHNICALLY SPEAKING

With no major event imminent, the focus would be on gains and global directions. On the index front, we are currently seeing a time correction as the index is somehow staying around the upper band of the consolidation range. A decisive break above 17,400 would help resume the trend otherwise consolidation may continue. Focus more on overnight stock selection and risk management as there has been rotational buying in various sectors. Although the market has been volatile, it has been range bound as investors traded cautiously after the recent rebound. On the positive side, however, the benchmarks managed to recover and end in the green in late trades. With the monetary policy overhang now behind us, China-Taiwan geopolitical tensions will be in focus as any flare-up in the region could spark panic situations globally. Technically, the index has formed a bullish candle on weekly charts. Additionally, daily and intraday charts are pointing to the continuation of non-directional activity in the near future. The short texture of the market is still on the bullish side, but a new uptrend rally is only possible after the 1750 breakout level. Above that, the index could recover to 17700-17900. On the upside, below 17,550 the index would retest the 17,400-17,300 level and if the down move continues it could correct towards 17,200-17,000.