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Published on 16/10/2022 2:40:17 PM | Source: IIFL Securities Ltd

Weekly Outlook on , Nifty, Banknifty and USDINR By Mr. Anuj Gupta, IIFL Securities

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Below is Weekly outlook on ,Nifty,Banknifty and USDINR Outlook by Mr. Anuj Gupta, Vice President, IIFL Securities

Last week the nifty closed negative by 0.74% and closed at 17185 levels and the banknifty closed up by 0.33% and closed at 39305 levels. Geopolitical tension and slow down concerns are putting pressure on the global equity market. Fed banks are very hawkish to increase interest rates which may slow down in the economy.

for the next week nifty has a support at 16800 and then 16550 levels, resistance at 17350 and then 17700 levels. Banknifty support at 38500 and then 37700 levels, resistance at 39800 levels and then 40500 levels. We are recommending buy on support levels for the Indian economy perspective. we are expecting nifty and bank nifty may take support on lower levels. Expectations of good companies earning numbers may provide support for the equity market. Technically if nifty is able to sustain above 17350 level then it may trigger a rally towards 17700 levels. If banknifty is able to sustain above 39800 levels then it may trigger a rally towards 40500 levels. Technically the trend is looking positive and recommending buying in nifty and banknifty for the next week.

Last week the rupee was appreciating after making a record low level of 82.6950. It appreciated by 0.02% and closed at 82.21 levels. Technically the dollar is in an overbought zone and expecting profit booking at this stage. So we are expecting profit booking in dollars and strengthening in Rupee in the next week. Rupee has strong support at 82.00 to 81.70 levels and resistance at 82.70 t0 83.20 levels. For the next week it may appreciate towards 82 to 81.70 levels.

 

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