NIFTY BANKNIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 17 NOVEMBER 2022

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After the spectacular rally of the past few weeks, investors are in no rush to buy stocks despite some tailwinds in the domestic economy. Indian benchmark indices ended the volatile session on Nov. 16 on a flat note. Markets traded lackluster and closed flat as there was no major trigger. After the initial downtrend, the Nifty index oscillated in a narrow range until the end, finally settling at 18409. Markets ranged narrowly with bouts of sideways movement in intraday trades, but selective buying in late trades helped major indexes close in positive territory. The lackluster trend was visible across the Asian and European markets, prompting local traders to act cautiously. To finish, the Sensex was up 107 points, to 61980 and the Nifty was up 6.30 points, to 18409. sector indices traded mixed, with metals, media and real estate each down over a percent. In addition, the prevailing underperformance of the broader indices continues to weigh on sentiment. The recent index move lacks resolve and is also showing an early sign of exhaustion, however we recommend following the trend until it reverses. We saw select heavyweights and mid-cap counters attract buying interest, while the rest either ranged or experienced pressure. We believe it is prudent to trim positions and focus on overnight risk management. The Nifty saw an uphill battle between the bulls and the bears today and ultimately posted a marginally positive close. Volatility is likely to increase going forward as indicated by the India VIX which is set for a rise. Technically, Nifty has formed a small doji candle on daily charts. The current market structure is not directional and a new uptrend is only possible after the 18500 breakout level. Above that, the index could reach the 18600-18800 level. On the downside, moving away from 18400 could accelerate selling pressures, which could result in the index retesting the 18300-18100 level. On the upside, the index again halted near the rising trend line drawn by the previous key swing highs on the hourly chart. If the Nifty 18100 breaks on the downside, the structure will turn in favor of the bears in the near-term. The broader end of the market continues to show near-term weakness.

 Resistance: 18500, 18650, 18800

Support: 18400, 18350, 18200