Market Outlook For the Next Week 17th to 21st Oct 2022

NIFTY is swinging wildly on global cues. Inflation, fear of recession and Ukraine Conflict news surrounding the same is making the fluctuation in indices more and more unpredictable. The indices may have similar fluctuations for some more time before the dust settles and things are more clear at Macro level. IMF has decreased the GDP forecast of India fractionally but India still remains at the epicenter of global growth. Nifty was not able to sustain above 200 EMA daily on Friday after setting the circuits on fire which was not a very good news and we may begin the week with some weakness. If we are able to find good support at some point in time the Spot Nifty can rise again otherwise weakness might continue later into the week.

Major Resistances: 17244 (Major Resistance 200 days EMA), 17354 and finally 17439. Nifty will be Bullish to a certain extent above 17438)

Major Supports: 17081, 16907 (50 days EMA – Important Support) and finally 16755. (Below 16755 there will be lot of weakness and Nifty will slip in the hands of bears).