Nifty Closes in Green on Tuesday, Gains 128.10 Points; Positive Outlook for Wednesday
The Nifty managed to close Tuesday’s trading session in the green, gaining 128.10 points or 0.56% from Monday’s close. The market opened at 22,960.45, recorded a day high of 23,137.95, a day low of 22,857.50, and eventually settled at 22,957.25. We had given a buy call on nifty above 22980 with target of 23200 unfortunately nifty after making a day of 23,137.95 at around 2:45 pm tanked nearly correcting up-to 180 points.
Market Outlook for Wednesday:
A strong upside is anticipated for Nifty on Wednesday. Based on technical indicators:
Buy Recommendation**: Traders are advised to go long on Nifty spot above 23,020 with a target of 23,190 and a stop-loss at 22,080.
Sell Recommendation: If Nifty fails to sustain above 22,920, a short position is recommended with a target of 22,780 and a stop-loss at 22,970 for intraday trading.
Key Resistance and Support Levels:
Resistance: 23,230 – 23,250
Support: 22,780 – 22,760
Institutional Activity:
– Domestic Institutional Investors (DII) were **net buyers** with purchases worth ₹6,814.33 crore.
– Foreign Institutional Investors (FII), on the other hand, were **net sellers**, offloading ₹4,290.69 crore worth of equities.
Options Data:
On the options side:
Strong Open Interest on the Put side is seen at the 23,000 level, indicating solid support.
Strong Open Interest on the Call side is observed at the 23,200 level, marking a potential resistance zone.
*Disclaimer:
This article is for informational purposes only and should not be considered financial advice. Please consult your financial advisor before making any investment decisions.