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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

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Market ended half a percent down on Wednesday 21 September 2022, as investors booked profit ahead of the US Federal Reserve’s monetary policy outcome, which is due later tonight. The  Sensex fell 263 points to 59457, while Nifty ended 98 points down at 17718. Index heavyweights such as Housing Development Finance Corporation, L&T, Infosys, Tata Consultancy Services, and Kotak Mahindra Bank, among others, dragged the index the most. Broader markets underperformed equity frontliners. BSE Midcap index fell 162 points to settle at 25778, while BSE SmallCap index ended 204 points down at 29239. Bank Nifty index fell 0.6% to settle at 41203, India VIX, the volatility index, gained 2.8% to settle at 19.33 levels. Markets across the globe were trading with considerable volatility ahead of the Fed policy announcement. A 75bps hike by FED was factored in by the markets, while reports of mobilising Russian forces in Ukraine has escalated geopolitical tension and fears of rising inflation. Any military escalation will have a significant effect on the world & domestic economy. This will have an influence on the near-term trend of the global market and implications on the local market can be high as it is trading at premium prices compared to the world. Nifty has been in a corrective phase since the last few trading sessions. We have not seen a short term reversal attempt succeeding and hence maintain a negative bias for the near term. Monthly support is only seen at 17200. US Fed comments are expected to keep volatility high in the near term.  Expect consolidation to correct in the near term as the broader market sentiment has also turned negative. FII and PRO positions also suggest reduction in net shorts suggesting limited downside in near term. For Nifty, maximum OI buildup is seen at 17200 Put and 17800 Call Option. For Bank-Nifty, maximum OI buildup is seen at 40600/41200 put and 41800/42500 call options. For the expiry day, expect nifty to trade with resistance of 17900 – any move above the same can invite short covering. The Bank Nifty index continued to face resistance at a higher level where 42200 will act as a hurdle. The index is stuck in a broad range between 40600 -42200 and a break on either side will decide the trend for the index. On the derivative front, the highest open interest on the call side is built up at 42200 and immediate support is visible at 40500 where fresh put writing has been observed.

Resistance: 17800, 17900, 18000

Support: 17700, 17600, 17500

 

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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 

NIFTY & BANKNIFTY OUTLOOK AND OPTION CALL PUT TIPS FOR 20-09-2022

The market gained more than 0.5% in a volatile trading session, taking a breather from recent declines. The Nifty Index recovered quickly in his first hour after the initial drop, then remained range bound. Meanwhile, sector trends have been mixed, with banks, fast-moving consumer goods and autos showing strong buying interest, while real estate, energy and metals have retreated. Nifty has been in short-term adjustment mode this past week. Following last week's bearish momentum, the index fell in its first trading session on Sept. 19. It fell to test the 40 DEMA, providing buying support. As a result, Nifty bounced off his 20 DMA, which was his daily cap. The market showed a sensible recovery as Nifty gained momentum amid a cautious tone. There was even a rally as investors reassessed their aggressive bets on Fed tightening amid looming recession risks. 

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 19 SEP TO 23 SEP 2022

WEEKLY RESISTANCE FOR NIFTY: 17600, 17800, 18000

PIVOT POINT: 17400

WEEKLY SUPPORT FOR NIFTY:  17200, 17000, 16800

WEEKLY CHART FOR NIFTY

        

12 september start of the week monday morning, the SGX Nifty was predicting a slow start. Despite this, our benchmark index opened on September 12, 2022, with a respectable upside gap, taking into account the increase in US markets on Friday. The early lead was increased above 17950 in the first hour alone. However, following that, most of the heavyweights' movement stalled, and for the remainder of the session, the Nifty traded in a narrow range. Finally, it ended with gains of more than 0.5 percent that were solidly over the 17900 level. On September 13 morning, the global setup was favourable, and as a result, the Nifty opened the session with a respectable gap over the psychological level of 18000. But in the majority of the heavyweight index movers, the follow-up purchasing was conspicuously absent, just as it had been the previous session. In fact, throughout the second half, the range was reduced to just 30 points. Eventually, the Nifty decisively closed the session over 18000 for the first time in the previous seven months. The way the Nifty ended above 18000 on Tuesday indicated that market participants had grown a little smug and had taken the US macro data for granted. However, following the soaring inflation report in the evening, US markets completely collapsed. The advances in US markets over the previous three to four days were lost as a result of this devastating blow. Without a doubt, we responded on September 14 in the morning with a huge gap down toward 17800.  However, after an initial glitch, the banking sector stepped in to save the day, and other sectors (aside from IT) soon followed. Through this approach, we were able to recover the 18000 mark on a closure basis in addition to significantly reducing a percentage of our losses. After the spectacular session on September 15, Thursday morning's start was pleasant. In the first few minutes of trading, the Nifty surged in the direction of 18100, while the banking index quickly accelerated to hit a new high of 41840.15. We appeared to be in for a fantastic weekly expiration Thursday However, as the market tends to surprise occasionally, we then saw a quick profit-booking that caused profits to be not only reduced but also to enter the negative region. The Nifty finally ended the weekly expiry with a fall of seven tenths of a percent, just below the 17900 level, despite some choppy swings in the later part. The Sensex dropped 1093 points on Friday, September 16, 2022, to close at 58840. Nifty finished at 17,530, down 346 points. On the last day of the week, markets experienced a violent sell-off and dropped close to 2%. Nifty began with a down gap and then progressively moved down, settling closer to the lower band of the day's range, before closing at 17,530 levels. There was intense selling pressure, with IT, real estate, and the car industry among the worst losses. The gains from the previous week have been fully erased by the index's recent two days of fall, and a decline in Nifty below 17,500 may cause a further decline.

NIFTY & BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

The fact that the Nifty exceeded 18000 this week wasn't unexpected given how our market has been doing over the previous week or two. Additionally, the last four to five days have seen supportive global markets, which gave the situation the much-needed boost. Now that heavyweight elements appear to have entered a consolidation phase, prominent indices do not appear to be following the pace. However, if we look at the bigger picture of the market, there is absolutely no lack of activity. We also stress that one might continue to be bullish and concentrate more on fluctuations inside individual stocks, which are probably going to offer greater trading chances.

TECHNICALLY SPEAKING

The domestic market gave in to the global trend despite its strong decoupling scenario and positive macroeconomic data due to ongoing bearish pressure from global stocks, increasing rates, and the dollar index. The global market has begun pricing in the possibility of a more aggressive policy response from the Fed following the release of US inflation data, which showed a MoM increase in inflation. On the daily chart, Nifty deviated below the downward trend line, indicating a decline in bullishness. The index has deviated below the 20 EMA, the daily timeframe's short-term moving average. Momentum oscillator is dropping and in bearish crossing. The near-term trend appears to be downward; 17550 is the first level of support beyond which the Nifty may fall toward 17300. At the higher end, 17750 is where resistance can be seen. India's VIX jumped by 7.8% to levels close to 20, signaling a rise in market volatility. We anticipate that this trend will persist until the US Fed's decision to raise interest rates next week is made clear. On the daily chart, Nifty deviated below the downward trend line, indicating a decline in bullishness. The index has deviated below the 20 EMA, the daily timeframe's short-term moving average.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 16 SEP 2022

Investors in India extended their selling spree from yesterday despite the optimistic signals from other Asian indices. The benchmark indices experienced a 0.7% loss as they finished in the red on Thursday. At 59934, the Sensex is down 412 points. Nifty lost 126 points and closed at 17877. On the back of selling in real estate and IT equities, the Indian equity markets continued to trade weakly in the late afternoon session. After Fitch Ratings cut India's GDP growth forecast for FY23 to 7%, warning that the economy is likely to slow against a backdrop of the weak global economy, high inflation, and high interest rates, traders exercised caution. Additionally, the markets were poor as India's merchandise trade imbalance increased to $27.98 billion in August from $11.71 billion a year earlier. The market fell after US inflation statistics in the previous day, but major indices bounced back and reported gains on Thursday. Shanghai experienced a significant decline today, while Nikkei and Hong Kong experienced gains. In the morning, trading was also positive in Europe. The Nifty encountered resistance at 18125, causing it to close down for the day. A black cloud cover pattern that suggests declining bullishness has developed on the daily chart. Although the Nifty closed above the daily chart's descending trend line, the short-term trend is still up. Support is present at 17800 on the lower end, below which the short-term trend may weaken. Resistance is evident at 17950/18150 on the higher end.

Resistance: 17900, 18000, 18100

Support: 17800, 17700, 17600

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Sensex closed the day 224 points lower at 60346 after smartly bouncing back from opening lows. Nifty lost 66 points and ended the day at 18003. Despite the fact that the domestic market's opening hours mirrored the abrupt sell-off on the international market, it gradually recovered as investors found the confidence to bottom fish as a result of the better outlook for the domestic economy. The most recent worldwide rise had been fueled by hopes that the Fed would adopt a more dovish stance, but worse-than-expected US inflation data crushed those hopes.  Further encouraging news came from India's dropping WPI inflation statistics, which showed that banking equities were leading the recovery while the IT sector performed poorly due to concerns about the impending recession in western markets. As the global sell-off was unable to drag the Indian equities down, Nifty continued to rise above its prior consolidation. The declining trend line has provided critical support for the Nifty at its lower end. In addition, the index has maintained above the daily timeframe's 50 exponential moving average, indicating an uptrend. As long as it stays over 17800, the trend will probably continue to be bullish going forward. On the higher end, the index may move towards 18200-18500 once it provides a decisive breakout above 18100.

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Tuesday 13 sep 2022 saw the fourth straight day of domestic benchmark indices rising, reaching a five-month high. Following a wide global rise, the Nifty index ended over the 18,000-point level for the first time since April. The Nifty increased 134 points to close at 18070, while the Sensex finished 456 points higher at 69571. Since its June low, the Sensex has increased by over 9100 points. The industries with the biggest gains were metals, banking, capital goods, and FMCG, while the sectors with the worst losses were oil & gas and real estate

The 18000–17900 area serves as the lower end support, and as long as this support is sustained, the market is in a buy mode. Taking off the immediate upside resistance at 18150 will free up space for gains of 18,200–18,400. With a gap-up, Nifty overcame the 17990 resistance. For the rising momentum to persist, it must expand on the gains. The larger markets appear a little worn out. The opening of our markets tomorrow may be influenced by the US CPI statistic due this evening and how the US market reacts to it. 18150 (and later 18300) may present resistance for the Nifty, whereas 17950 may provide support in the short term. The Bank Nifty index witnessed a gap up opening and sustained the level throughout the day which confirms the strength. The index's first obstacle is set at 41,000, where the call side has built up the most open interest. If this barrier is crossed, there will be a significant short covering move toward levels between 41,500 and 41,800.

Resistance: 18100, 18200, 18300

Support: 18000, 17900, 17800

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Indian Benchmark indices increased as Sensex closed above the critical 60,000 level due to purchasing in IT and real estate companies in response to strong global market cues. Recent sessions have seen a rise in stock exposure among domestic investors as a result of declining US Dollar index and global crude oil prices. On September 12, Nifty increased for the third session in a row thanks to encouraging global indications. Real estate, consumer durables, and IT indexes all saw the biggest gains. At 1.64:1, the advance decrease ratio was favourable. At 60105, the Sensex finished the day 312 points higher. To close at 17930, Nifty gained 97 points.

While the large caps are experiencing rotating buying and profit taking, the broad market is still performing strongly, which is causing the Nifty to slowly climb. 18000 may remain a point of resistance for Nifty, while 17800 may serve as support in the near future. Technically, Nifty has developed a candle pattern like a shooting star close to a key resistance level. Only when 17850 is fired is a trend reversal feasible. Above that point, the index can reach a level between 17900 and 18000. On the other hand, selling pressure is anticipated to pick up below 17800 and may retest the level of 17700–17600.

Resistance: 18000, 18100, 18200

Support: 17900, 17800, 17700

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Nifty Bank maintained its opening position of 300 points above the 40,500 area throughout the session. On the daily scale, it produced a small-bodied bearish candle, and it closed at its highest level in the previous 216 trading sessions.  significant resistance at the level of 40900 and support around 40200. At 41830, the index is presently getting close to its 52-week high. On the weekly scale, Nifty Bank produced a bullish candle and provided its highest-ever weekly closing. Supports are located at 40000 and 39750 zones, while it must now hold above 40250 to go upward to 40750 and 41000 zones.The index has so far performed admirably, and the short-term trend is still upward. This index's current area of short-term support is around 39,120. The trading setting in Nifty Bank favours the continuation of upward movement. Other than ICICI Bank NSE 0.27% and SBI NSE 1.60%, there is a lot of catch-up that can be witnessed from equities, which might give the index more legs. The record peak may not be the conclusion of this run.

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WEEKLY RESISTANCE FOR NIFTY: 18000, 18200, 18500

PIVOT POINT: 17700

WEEKLY SUPPORT FOR NIFTY:  17500, 17300, 17100

WEEKLY CHART FOR NIFTY

Over the previous week, the Sensex and Nifty Index both increased by 1.7%. Rising local bond yields and declining crude prices helped to support Indian markets. The top three gainers among the major sectors last week were banks, capital goods, and healthcare, while the top losers were automobiles. As a result of the mixed global cues on Monday, September 5, 2022, the SGX Nifty was forecasting a slow start to the week. Despite this, we had a good start to the session, and it moved further north during the first hour. After crossing the 17650-point threshold, the index entered a consolidation phase. The remainder portion of the day featured a narrow range with a highly positive undertone.  Finally, the Nifty finished up with gains of just over 7/10 of a percent. On Tuesday, September 6, 2022, our markets once again utterly disregarded the lame global cues as we got off to a good start in the session. Nifty practically accelerated beyond the 17750 level in the first hour, and it seemed as though it would finally exit the congestion zone. However, cautiousness was noticed once more at higher levels, which led to the erasing of all gains and even a slip below 17600 at the session's midpoint. Fortunately, the dip was successfully bought into, and after some zigzag movement, the Nifty ended the session slightly lower. . On the third session of the morning on Wednesday, September 7, 2022, we saw a gap down open as a result of uneasy global cues. The early morning dip was once again bought into, like in previous sessions. After that, the range-bound action continued with numerous stock-specific swings to draw in traders. In the end, the Nifty finished the session just over the 17600 level. On Wednesday night, the US markets, which had been in a downward trend for the previous few weeks on Thursday, September 8, 2022, rapidly recovered since they were overbought. Being the market that has recently outperformed others, we were looking for a slight boost in sentiment, and a swift recovery worldwide gave the session the much-needed impetus. In fact, a small bout of profit booking around the mid-session was absorbed with an ease. Eventually, Nifty concluded the weekly expiry around the 17800 mark by adding a percent to the bulls’ kitty. On Friday 9 September 2022 after topping the 60,000 mark, Sensex gave up morning gains to end the day only 100 points higher at 59788. Nifty also retreated from 17900 mark and ended the day higher at 17830.

NIFTY & BANKNIFTY: STRONG SUPPORT & STRONG RESISTANCE LEVEL

Nifty's next level of support is 17500, while 18100 may operate as a short-term barrier to the upward. The Bank Nifty, on the other hand, has a support level at 39600 and a resistance level at 41000. On charts, the Nifty looks robust as long as it holds the 17600 mark.

TECHNICALLY SPEAKING

For market participants, it was definitely not a relaxing week. Even if there may not be a noticeable difference from week to week, the market's experiences, particularly in the first half of the week, are not accurately portrayed. Technically speaking, the initial upward movement towards 17166 was a component of the "Price-wise correction" that had finished its 50% retracement of the prior upward movement from 16438 to 17992. Now, what we have seen over the past few days may be classified as a "Time-wise correction," which is a crucial component of market behaviour. Therefore, the range between 17500 and 17200 has already established itself as sacred, and any decrease in the coming week should preferably be used as a buying opportunity. Prior to this, 17400 should also be considered immediate support. 17800–18000 is to be treated as a solid wall on the higher side. When we surpass this (which is likely to happen), the rally may begin its next leg, which might push it over the 18200 barrier in the following weeks. Therefore, traders are recommended to maintain their composure and concentrate on stock-specific actions while important indexes are still in their consolidation mode.

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As strength spread across international markets and oil prices decreased, investors' worries about growing inflation were calmed, resulting in a wave of optimism in domestic financial markets. Despite premium valuations, consistent FII inflows are aiding Indian bourses to stay resilient. Equity benchmarks sharply increased on Thursday to snap a two-session losing run, even as global markets erased previous gains. The Sensex index rose 659 points, to end at 59688, and the broader Nifty climbed 174 points to 17798. Investors were on edge, however, as the ECB raised interest rates by a record 75 basis points later that day. As a result, European stocks gave up some of their early gains and the euro remained below parity with the dollar. On the weekly futures expiry day, markets traded positively and increased by about 1%, following reliable global cues. The participants were kept occupied by the overall sectoral growth, particularly in the banking and financial industries. Besides, buying in midcap and smallcap space added to the positivity. Nifty has again reached the upper band of the prevailing consolidation range (17600 -17,800) and a decisive breakout would fuel the next leg of the up move towards the 18000-18500 zone. Importantly, the rotational buying across sectors combined with steady foreign flows has strengthened the possibility of a breakout. Participants should align their positions accordingly and avoid contrarian trades.

Resistance: 17400, 17550, 17700

Support: 17300, 17150, 17000 

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 08 SEP 2022

Benchmark indices pared opening losses in midday trade but ended in negative territory amid cloudy global clues. The benchmark indices ended the September 7 session lower after reversing some losses in the afternoon session. Sensex fell 168 points to 59028 and the Nifty lost 31 points to 17624. Benchmark indices followed the global trend, but mid & small caps rallied with strong outperformance. The latest economic data suggests that the US Federal Reserve will continue to raise interest rates. According to ISM's (Institute of Supply Management) US Non-Manufacturing PMI, the services sector expanded more than expected last month, putting pressure on global markets. Nifty has seen a short-term consolidation that swings both ways. On September 7, it opened a gap to the downside, but there were no follow-up sales. The index attracted buy support near the psychological level of 17550 as well as near the swing low of 17500. Structurally, the consolidation may continue and any move towards 17675 is likely to trigger another round of selling. Furthermore, selling pressure may intensify once the 17550 level is broken on a closing basis. The Bank Nifty Index is stuck in a broad 1500 point range where stiff resistance is seen at 40000 and support is seen at 39500. The index will see a trend move on either side of a break. Immediate support stands at 39,200 and if it breaks we will see further decline towards the 38900 -38700 zone. The bias remains on the buy side as long as the mentioned support level holds.

Resistance: 17675, 17750, 17825

Support: 17575, 17500, 17425

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Benchmark indices ended the 6 sep 2022 Tuesday’s session on a flat note amid volatility. Sensex fell 49 points to 59197 and the Nifty lost 10 points to 17655. Nifty failed to capitalize on the early gains as take profits occurred around 17725. On the downside, 17650 acted as support for the index. Domestic indices erased early gains to close flat, tracking mixed global leads. Meanwhile, the energy crisis and the forthcoming ECB interest rate decision put European markets under pressure. Chinese politicians' renewed efforts to strengthen the economy bode well for Chinese stock markets. In order to stabilize falling oil prices, OPEC+ decided to cut production given the weakening global growth prospects. Markets stabilized almost unchanged in a volatile trading session without a major trigger. Most sector indices traded in sync with the benchmark, with metals, energy and infra pack seeing decent traction. Markets are still range-bound and rotational buying across sectors is helping the index remain strong amid mixed global signals. With all sectors except IT contributing to this move, the focus should be more on stock selection. The trend remains sideways as Nifty failed to provide a directional breakout. For the coming days for nifty Resistance will be near 17775/17850; whereas support is visible at 17550 /17450. The Bank Nifty index continued to face resistance around the 40,000 level, where most of the open interest is being built on the call side. The index's immediate downside support stands at 39500 -39000 and if it breaks there will be further downside towards 38800-38500. The bias remains on the upside and should have a buy-on-dip approach at some point.

Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400

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Indian equity benchmarks Sensex and Nifty were each up almost a percent on Monday amid gains across all sectors. Gains in financials, oil & gas, IT and metals stocks drove the leading indices higher, although losses in auto stocks limited upside potential. Domestic equity benchmarks the Sensex and Nifty 50 closed nearly a percent higher on Monday on gains in the index heavyweights. The Sensex was up 443 to 59246, while Nifty ended at 17665, up 0.7%. 

Nifty's short-term trend remains mixed. The market is now in a broader high-low range of 17800-17500 and the move within this range is likely to continue next week. Expect selling pressure to build from the highs around 17,800 and buying from the lows of 17500. Therefore, in the short term, the market action could be buying on dips and sell on rising opportunities. On the Banknifty chart, the index has formed a sizeable bullish candle making a higher high-low compared to the previous week, indicating a positive bias. The index is floating in a higher top and higher bottom formation on the weekly chart, indicating a positive bias. Bank Nifty is trading above the 20, 50,100, and 200-day SMAs, which are key short-term moving averages, which are suggestive of a positive bias in the near-to-medium term. Bank Nifty remains in an uptrend in the short-term, so buying on the downside remains our preferred strategy. For the week, we expect Bank Nifty to trade in the 41500 to 38800 range with mixed bias. The daily strength indicator RSI is moving up and trading above its reference line, suggesting a positive bias.

Resistance: 17400, 17550, 17700

Support: 17300, 17150, 17000 

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 5 SEP TO 9 SEP 2022

WEEKLY RESISTANCE FOR NIFTY: 17700, 17900, 18200

PIVOT POINT: 17500

WEEKLY SUPPORT FOR NIFTY:  17300, 17100, 16800

WEEKLY CHART FOR NIFTY

The weakness in the US bourses over the weekend has shown substantial repercussions on the Indian equity market. The benchmark index tumbled over 370 points at the opening bell, setting a bleak start to the truncated week from 29 aug 2022 . Though the buying was quite relevant at the lower levels, that gradually pulled the indices upwards throughout the day, assuring the undertone remained bullish. The initial loss pared with a modest recovery, wherein the benchmark index concluded the day a tad above the 17300 level with a cut of 1.40%. Tuesday 30 aug 2022 morning, the global cues were slightly better and hence, we started the session with decent bump up above the 17400 mark. As the day progressed, the buying momentum kept picking up; in fact, towards the fag end, we witnessed a complete gush across the board. This lifted the overall sentiments so as the key indices to not only recoup Monday’s losses; but went comfortably beyond last week’s high as well. Wednesday market was closed on occasion of Ganesh Chaturthi. The weakness in the global bourses led to a weak start of our equity market on 1 sep 2022, wherein the benchmark index initiated the day with a gap down. However, our market retaliated soon after the opening bell and gradually gauged momentum to march upwards. Though tentativeness at the higher level was sensed among participants, that triggered a sell-off in the second half. And with the whipsaw movements in the market, the benchmark index Nifty50 concluded the day in red with a cut of 1.22%, a tad above the 17500 zone. On Friday 2 sep 2022 indices erased all the intraday gains and trading flat in the highly volatile market.  The Sensex and nifty ended flat. Sensex ended 37 points up at 58803, while NSE Nifty 50 ended in red at 17539. 

NIFTY: A STRONG SUPPORT WILL BE @ 17500; STRONG RESISTANCE LEVEL SEEN @ 18500

On the technical perspective, the crucial support of the 17200 was firmly safeguarded, implying the resilience of the technical support. Though some tentativeness was seen in our domestic market during this week ,but any sign of respite from the global bourses could trigger strong momentum from here on. In terms of technical levels, any breach below the mentioned support could drag the market towards the 17000 zone, which is likely to be seen as the sheet anchor. At the same time, on the higher end, the 17800-18000 could be seen as immediate resistance, followed by the 18200-18500 zone.

TECHNICALLY SPEAKING

The market has struggled for a firm direction today as global markets were largely under selling pressure ahead of the release of US job data, which could provide insight into upcoming Fed actions. Oil prices rose ahead of the OPEC+ meeting on the expectation of a reduction in output, despite the fact that weak global growth prospects remain a concern.  A surging dollar index and rising US bond yields could be reflected in the elevated volatility of the domestic market in the near term. . Overall if we see, the Nifty retraced by nearly 650 points from the recent high i.e., nearly 3.50%. Since the price correction happened in merely three trading sessions, some sort of time-correction was much needed, and this is exactly what our markets had undergone during the latter half of the week. The Nifty has now closed precisely around the mid-point of immediate trading range of 17700– 17300 and since, markets has lost its sheen, it would be difficult to predict the immediate path of action amid some global nervousness. In our sense, one should avoid trading aggressively within the range and till the time, we remain above 17300, there is no reason to worry for. Only a breakdown below this sacrosanct support would extend the corrective phase towards the major support zone of 17200– 17000. Before 17300, we can see immediate support around 17400. On the flipside, 17700 – 17900 are the levels to watch out for. If bulls have to strengthen their stance, Nifty needs to surpass the higher boundary with some authority. Till then it’s better to take one step at a time and ideally the positioning must be on a lighter side. Since global markets are showing mixed directions and few global events are lined up, it would be important to keep a regular tap on these developments. If there is no aberration in the coming week, we may resume the higher degree uptrend soon.