NIFTY OUTLOOK FOR 22 & REVIEW

FORENOON SUBDUED

Nifty                               8121    +6

Nifty closed flat for the day and for the week and recorded Sixth weekly gain, one of the longest time frame gain  in the recent past. With lot of domestic cues involving visit of foreign dignitaries and PM’s visit to US, market is holding on to the gains amid zigzag movements. Nifty closed above 8100 mark for the Second day and would turn bearish only when it closes below 8020. Further, Nifty has been moving in a narrow range for the month and the present contraction would lead to inevitable expansion sooner than later.  Nifty spot is expected to encounter resistance at 8160,, 8195 and find support at 8080, 8045 for Monday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally subdued  in the forenoon session and  witness zigzag movements thereafter.