Market Outlook for 06th December 2024
Market Outlook for 06 February 2024
Last Updated: 6th February 2024 - 11:08 am
After a positive opening, the benchmark index slipped lower during the second half of the session and settled below 21800 mark with the loss of 82 points while, banknifty lost 145 point and closed at 45825 levels. On the options front, the highest CE OI is at 21900 strike price while highest PE OI is at 21700 strike price. A move below this support could lead to a down move up to 21650-21500 range where the 50 DEMA is placed. Top gainers were TATAMOTORS, COALINDIA, SUMPHARMA while top laggards were UPL, BAJFINANCE, BHARTIARTL for the day.
Nifty Today:
Technically, the nifty has confirmed Shooting Star candlestick pattern breakdown on the daily chart that suggest further bearishness for the coming day. A momentum indicator RSI (14) also witnessed negative crossover, confirms bearish move in the index. On an hourly chart, the nifty price has closed below 20 SMA. Hence, traders are advised to follow sell on rise strategy. On the downside, the nifty has support at 21700 followed by 21630 levels while resistance is at 21870 & 21950 levels.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 21650 | 45650 | 20300 |
Support 2 | 21500 | 45400 | 20230 |
Resistance 1 | 21870 | 46200 | 20430 |
Resistance 2 | 21950 | 46500 | 20480 |
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