NIFTY BANKNIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 12 OCTOBER 2022

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The markets remained under pressure and lost almost one and a half percent in the prevailing correction phase. Pressure in the IT package coupled with a decline in index majors across sectors weighed on sentiment. In line with the move, the broader indices also declined, losing almost 2% each. Benchmark indices fell sharply in the last hour, shedding 1.5% after staying in the flat to red territory for most of the session. Sensex plummeted nearly 850 points to close at 57147 points. Nifty lost about 250 points and finished under 17000 at 16983. 

Nifty saw some selling pressure in the second half of the session. On the daily chart, the index slipped below the psychological 17000 mark. Also, the Nifty dipped below 200DMA briefly before closing slightly higher. Trend looks weak, a drop below 16975 could trigger selling pressure in the market with potential to drop towards 16,800. On the upper end, resistance is seen at 17050. Technically, after a muted open, the index corrected sharply and broke the key support level at 17100. A long bearish candle on daily charts and lower high formation on intraday charts indicate further weakness from current levels. The corrective wave will likely last until 16900-16800. On the upside, 17100 would be the key intraday resistance zone, above which a slight pullback rally to 17075-17150 is possible. With no recovery on the global front, any disappointment on earnings or the macro front could add further pressure. On the index front, we are now eyeing 16800-16500 at Nifty and its decisive break would reverse the recovery trend. Traders should adjust their positions accordingly.

Resistance: 17100, 17200, 17300

Support: 16900, 16800, 16700