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WEEKLY RESISTANCE FOR NIFTY: 17350, 17550, 17800
PIVOT POINT: 17150
WEEKLY SUPPORT
FOR NIFTY: 17050, 16800, 16500
WEEKLY CHART FOR NIFTY
On September 19, 2022, the global market's weakness caused Indian equities to open modestly, and the benchmark index nervously began trading. Soon after, the bulls seized the chance and helped the index make a slight comeback. After that, the index made a few little rangebound swings that continued for the rest of the day. The bulls shown their tenacity and stopped the losing trend of the previous three days despite the mediocre session. The Nifty finished the day up 0.52% and landed slightly above the 17600 mark. On September 20, 2022, the favourable global markets gave our stocks reason for confidence as we had a respectable gap up opening followed by widespread buying interest. The benchmark index increased progressively until a correction began at the far end, which reduced some of the market's early gains. Finally, following the intense session, the Nifty ended the day with a gain of 1.10%, just over the 17800 level. On September 21, 2022, the Indian equities market opened moderately amidst conflicting global cues, and the benchmark index appeared a little uneasy in the opening transactions. An violent sell-off that started in the middle of the session saw the index down from the top near the 17660 odd zone. But from the lows, the bulls retaliated and staged a modest rally to reduce some losses. After such a wild session, the Nifty corrected by 0.55% and ended the day just above the 17700 mark. The benchmark index opened the day with a gap down on September 22, 2022, as a result of the weakening in the world's stock markets. The sell-off became worse and pulled the Nifty index towards a value around 17530. The bulls, however, responded from the untouchable support and made a moderate rebound to lessen the losses. Due to the market's commotion, the benchmark index Nifty50 ended the day with a 0.5% loss, just above the 17600 level. The key equity indices, the Sensex and Nifty, declined on September 23, 2022, for the third day in a row. The decline was weighted down by a selloff that affected all industries, with the banking and finance sector leading the way, as the global market continued to deteriorate. The Nifty 50 ended at 17327, down 302 points, and the S&P BSE Sensex down 1,020 points to finish at 58098. Both indices had earlier in the day began roughly 0.2% lower but quickly fell as the trade went on, with the Sensex reaching an intraday low of 57,981 and the broader Nifty at 17291.
NIFTY
& BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL
We allude to our preceding statement available in the marketplace being tentative amid uncertainty within
side the international bourses. However, the undertone is predicted to remain upbeat until Nifty sustains above the unfilled hole of 17400-17380 extraordinary zone. Meanwhile, a few tentativeness can be sensed till the unfilled hole of 17820-17860 isn't always taken out. Looking on the technical setup, the marketplace is probable to exchange in the stated variety till a decisive breakout isn't always visible on both aspect within side the similar period.
TECHNICALLY SPEAKING
A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles. Markets are finally witnessing pressure after showing resilience for quite some time and indications are pointing towards further decline. After remaining resilient against the global weakness in equities, Nifty gave in over the past three sessions. Nifty fell sharply for the second consecutive week (down 1.16%), breaking some key technical levels on the way. 17150 is the next support for the Nifty post which a sharper fall could ensue. 17500 could be the resistance for the Nifty in the near term.The Nifty index has the next crucial support at the 17000 zone. Since most sectors are trading in tandem with the benchmark, it’s prudent to maintain short positions also. Investors, on the other hand, should utilise this phase to accumulate quality stocks in a staggered manner. The Bank Nifty index last week witnessed extreme selling pressure from the higher levels after the key event of the US FED. The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.
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