Market Outlook for 16 July 2024
Market Outlook for 19 December
Last Updated: 19th December 2023 - 10:57 am
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
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 |
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