Moneycontrol PRO

Support for Nifty at 15,800-15,900 amid earnings, currency, commodity movement: Experts

The immediate support for Nifty is placed in the range of 15,900-15,800 while on the higher side, we expect the index to rally towards 16,270 followed by 16,500 soon, says Ruchit Jain of 5paisa.com.

July 18, 2022 / 09:17 AM IST
BSE
Indian benchmark indices fell 1 percent each in the highly volatile week ended July 15 amid weak global and domestic cues. For the week, BSE Sensex shed 721.06 points (1.32 percent) to close at 53,760.78 while the Nifty50 fell 171.4 points (1.05 percent) to end at 16,049.2.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | The near term support zone for the Nifty is 15850-15900. Once that is breached then the index can slide down towards 15500. From trading perspective, sell on rise will be the strategy for short term traders with reversal above the swing high of 16275.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | The near term support zone for the Nifty is 15850-15900. Once that is breached then the index can slide down towards 15500. From trading perspective, sell on rise will be the strategy for short term traders with reversal above the swing high of 16275.
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities | Markets will continue to react to global macro factors like inflation, interest rate measures, currency and commodity movement. With the start of April-June 2022 quarter result season, we can expect stock and sector specific action over the next one month.
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities | Markets will continue to react to global macro factors like inflation, interest rate measures, currency and commodity movement. With the start of April-June 2022 quarter result season, we can expect stock and sector specific action over the next one month.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities | Technically, on weekly charts the Nifty has formed an inside body Hammer kind of formation which indicates indecisiveness between the bulls and bears. For the bulls, the 50-day SMA (Simple Moving Average) and 16000 would act as a trend decider level. A strong possibility of a fresh uptrend rally is likely, if the index trades above 16000-16050, which is a short term resistance zone. Above the same, the index could rally till 16200-16300. On the flip side, a close below 50-day SMA or 15850 could trigger a fresh round of selling. Below which the index could slip till 15700-15650.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities | Technically, on weekly charts the Nifty has formed an inside body Hammer kind of formation which indicates indecisiveness between the bulls and bears. For the bulls, the 50-day SMA (Simple Moving Average) and 16000 would act as a trend decider level. A strong possibility of a fresh uptrend rally is likely, if the index trades above 16000-16050, which is a short term resistance zone. Above the same, the index could rally till 16200-16300. On the flip side, a close below 50-day SMA or 15850 could trigger a fresh round of selling. Below which the index could slip till 15700-15650.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | Technically speaking, 15850 – 15950 has now become a sacrosanct zone for the forthcoming week and if global markets support, we may see markets inching northwards. Hence, one should continue to remain positive till the time we do not sneak below it on a sustainable basis. On the flip side, there are a lot of headwinds that are not willing markets to stay at higher levels. For the coming week, 16150 – 16250 are to be seen as immediate resistances and only a move beyond this would trigger some broad-based buying in the market. At this juncture, it’s advisable to stay light and identify the apt themes that remain a key for momentum traders.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | Technically speaking, 15850 – 15950 has now become a sacrosanct zone for the forthcoming week and if global markets support, we may see markets inching northwards. Hence, one should continue to remain positive till the time we do not sneak below it on a sustainable basis. On the flip side, there are a lot of headwinds that are not willing markets to stay at higher levels. For the coming week, 16150 – 16250 are to be seen as immediate resistances and only a move beyond this would trigger some broad-based buying in the market. At this juncture, it’s advisable to stay light and identify the apt themes that remain a key for momentum traders.
Ruchit Jain, Lead Research, 5paisa.com | Any reversal or positive news from the global factors could then lead to a buying interest in equities and hence, we advise traders to trade with a positive bias till 15800 is intact. Only a break below 15800 will then lead to a resumption of downtrend and till then, one should be optimistic from a short term perspective. The immediate support for Nifty is placed in the range of 15900-15800 while on the higher side, we expect the index to rally towards 16270 followed by 16500 soon.
Ruchit Jain, Lead Research, 5paisa.com | Any reversal or positive news from the global factors could then lead to a buying interest in equities and hence, we advise traders to trade with a positive bias till 15800 is intact. Only a break below 15800 will then lead to a resumption of downtrend and till then, one should be optimistic from a short term perspective. The immediate support for Nifty is placed in the range of 15900-15800 while on the higher side, we expect the index to rally towards 16270 followed by 16500 soon.
Apurva Sheth, Head of Market Perspectives, Samco Securities | As concerns of growing inflation and recession hang over the global economy, Indian benchmark indices are projected to remain uncertain in the near term. In this context, investors are anticipated to keep a close watch on the currency market, as the USD/INR has reached new all-time lows of 80.23. Further, with the earnings season in full swing, market players should avoid reading too much into India Inc.'s numbers and instead focus on the management commentary. The benchmark index, in our opinion, is likely to remain above the 15800 level and may even be approaching the 17000 zone. The current levels of immediate support and resistance are 15500 and 16300, respectively.
Apurva Sheth, Head of Market Perspectives, Samco Securities | As concerns of growing inflation and recession hang over the global economy, Indian benchmark indices are projected to remain uncertain in the near term. In this context, investors are anticipated to keep a close watch on the currency market, as the USD/INR has reached new all-time lows of 80.23. Further, with the earnings season in full swing, market players should avoid reading too much into India Inc.'s numbers and instead focus on the management commentary. The benchmark index, in our opinion, is likely to remain above the 15800 level and may even be approaching the 17000 zone. The current levels of immediate support and resistance are 15500 and 16300, respectively.
Sumeet Bagadia, Executive Director at Choice Broking | The trend may remain bullish for the shorter term but simultaneously profit booking from higher levels is expected as well. The Nifty may find strong support around 15800 levels while on the upside 16600 may act as strong resistance. On the other hand, Bank Nifty has support at 34000 levels while resistance at 35500 levels. Market may drive both sides in coming days, so working with options strategies would be helpful to safeguard hard earned money.
Sumeet Bagadia, Executive Director at Choice Broking | The trend may remain bullish for the shorter term but simultaneously profit booking from higher levels is expected as well. The Nifty may find strong support around 15800 levels while on the upside 16600 may act as strong resistance. On the other hand, Bank Nifty has support at 34000 levels while resistance at 35500 levels. Market may drive both sides in coming days, so working with options strategies would be helpful to safeguard hard earned money.
Ajit Mishra, VP - Research, Religare Broking | On the earnings front, participants will first react to HDFC Bank’s numbers. Besides, some prominent names like Ambuja Cement, Hindustan Unilever, Indusind Bank, Wipro and UltraTech Cement will announce their results in the following sessions. We’re seeing a tussle among the bulls and bears, not only in Indian markets but globally. A decisive close below 15,900 may change the index tone again but we feel sectors like auto and FMCG would continue to offer trading opportunities on the long side. Besides, select stocks from other sectors like pharma, realty, banking and financials are also attracting decent traction. On the flip side, IT and metals are still not showing any sign of reversal despite the oversold positions. Participants should align their positions accordingly and prefer a hedged approach citing the overnight risk and volatility due to the earnings season.
Ajit Mishra, VP - Research, Religare Broking | On the earnings front, participants will first react to HDFC Bank’s numbers. Besides, some prominent names like Ambuja Cement, Hindustan Unilever, Indusind Bank, Wipro and UltraTech Cement will announce their results in the following sessions. We’re seeing a tussle among the bulls and bears, not only in Indian markets, but globally. A decisive close below 15,900 may change the index tone again but we feel sectors like auto and FMCG would continue to offer trading opportunities on the long side. Besides, select stocks from other sectors like pharma, realty, banking and financials are also attracting decent traction. On the flip side, IT and metals are still not showing any sign of reversal despite the oversold positions. Participants should align their positions accordingly and prefer a hedged approach citing the overnight risk and volatility due to the earnings season.
Rakesh Patil
first published: Jul 18, 2022 09:17 am
Sections
ISO 27001 - BSI Assurance Mark