NIFTY BANKNIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 22 SEP 2022

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The Indian market largely reacted to the dovish tone on US Federal Reserve interest rates that fueled investor pessimism. As expected, bank stocks bore the brunt, prolonging the correction in domestic benchmarks. The Fed has become more hawkish than expected and he has raised his rate forecast to 4.4% by the end of 2022. There are indications that a rate hike of 125 basis points is expected at his next two policy meetings this year. The US Dollar Index then surged above 111 and the INR fell above 80. India's stock market has been able to maintain its resilience with limited rate cuts, but continued weakness in the rupee will make the domestic market less attractive to foreign investors in the short term, impacting performance. It will be. The benchmark index on Sept. 22 Thursday closed for the second straight day after the US Federal Reserve hiked interest rates by 75 basis points. At close, Sensex fell 337 points to 59119 and Nifty fell 88 points to 17629.

A fierce battle between bulls and bears is a typical feature of the consolidation phase. Within this consolidation, the index is expected to drop to 17450 and then to 17350 in the short term. Technically, Nifty formed a top formation on the lower side of the daily and intraday charts and closed below the 20-day SMA (simple moving average). This suggests that weakness will continue in the near future. While the index regularly finds support near the 17550 level, it consistently faces resistance at higher levels. For traders, 17550 and 17750 are the key levels to watch out for, and below 17550 , the index can drop to levels between 17450 and 17400. On the upside, a range break above 17750 could push the index to 17775-17875. The Bank Nifty Index is on an uptrend as long as it sees selling pressure at higher levels and stays below the 42000 level. The index's immediate falling support is at 40600, below which further declines towards the 40200 level are possible. The index trades in a narrow range between 40500 and 41500 , and a break on either side will provide directional movement to the index.

Resistance: 17650, 17750, 17850

Support: 17550, 17450, 17350