Market Outlook for 19 December

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 19th December 2023 - 10:57 am

Listen icon

Our market has recently seen a sharp run up and the Nifty has almost approached the 21500 mark. The index consolidated within a range in Monday's session and ended above 21400 with a marginal loss.

Nifty Today:

There are no signs of any change in the trend yet, however the RSI readings are in the overbought zone. This could lead to some price wise pullback move or a time-wise consolidation in the short term to relieve the overbought set ups. However, the data still remains positive as FIIs who have been buying in the cash segment have formed long positions in the index futures segment too. The overall market breadth is also positive as the stock specific momentum is on the bullish side. Thus, traders are advised to trade with a positive bias and look for stock specific buying opportunities. However, one needs to avoid aggressive positions here because of the overbought set ups. In the options segment, 21500 call option for the coming series have significant open interest while 21300 put has decent open interest. This indicates a probable trading range of 21500-21300 for the next 2-3 days in the index. A break above 21500 could lead to a continuation of the up move while there could be some profit booking below 21300.

Nifty consolidates in a range as technical set-ups overbought

ruchit-ki-rai-18-Dec-2023

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21300 47650 21400
Support 2 21240 47490 21300
Resistance 1 21500 48030 21620
Resistance 2 21600 48200 21700
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?