NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 21 SEP 2022

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The Sensex and Nifty rose 1% on Tuesday 20 sep 2022 on positive evidence globally. Sensex was up 579 points, or 1% to 59720. The Nifty 50 rose above 17900 but fell more than 100 points from its daily high before closing at 17816. end. Index heavyweights such as ICICI Bank, Housing Development Finance Corporation (HDFC), HDFC Bank, Sun Pharma and Axis Bank contributed significantly to the index gains. In the broader market, the S&P BSE MidCap outperformed the equity frontliners, rising 1.7% or 422 to settle at 25940. Meanwhile, S&P BSE SmallCap added 1% or 293 points to close at 29443. India's VIX, a volatility index, fell 5.72% to 18.80. Nifty  started to close the gap  and remained rangebound throughout the day. On the high end, 17900  acted as resistance and closed near the daily lows. The trend is likely to remain positive as long as it remains above 17700. A rise above 17900 can cause a rise to 18100 and above. The relief rally continues for the second time in a row, suggesting investors are attracted to domestic stocks  after a short-term correction. Despite rumors of a global recession at one point, the Indian economy has held up very well in uncertain times, allowing investors to bet on our growth story.However, Nifty is forming a hammer candlestick around the 20-day SMA (Simple Moving Average),  which is a huge negative for the market. We believe the short-term support has shifted from 17550 to 17750. If the index falls below 17700, the selling pressure will accelerate, pulling the index down to  the 17650-17600 level. Above 17700, the index may retest the 17850-17900 level. The Bank Nifty Index continued its volatile move ahead of the US Federal Reserve's policy, but remains in buy mode, holding the lower support of 40400. The immediate upside hurdle for the index is 41800, with upside potential between 42500 and 43000 when taken out on a closing basis. On another day he should consolidate between 40000 and 39500 before the index starts trending to either side.

Resistance: 17900, 17950, 18000

Support: 17800, 17750, 17000