Market Outlook for 16 July 2024
Market Outlook for 27 December 2023
Last Updated: 27th December 2023 - 11:04 am
The benchmark indices edged higher on Monday, amid the mixed global cues. Nifty was up 91 points or 0.43% while Banknifty gained 233 points or 0.49%. Both the indices were trading in the range but holding the upward streak after the extended weekend.
Nifty Today:
Nifty PSE added 2% gains followed by Nifty Metal & Energy with 1% gains. Stock specific action has been witnessed in the market and few stocks did well during the day, like: TATACHEM, AARTIIND, HAL & DIVISLAB all were the top gainers while RBLBANK, PVRINOX, MANAPPURAM were the prime laggards for the day. Highest open interest was at 21500CE with more than 1crore open contracts while on the put side, the highest OI was at 21300 strike prices, which suggests an overall range for the coming day. However, both the indices are near to monthly expiry so some volatility can be seen in the market. Technically, the nifty index has been holding above 20-days EMA and price action is positive but volume is continuously declined from the last four trading days that indicate sideways move for the near term. The index is finding resistance around 21590 marks while indicating support around 21280 marks. A volatility index (INDIAVIX) gained more than 7% during the day that signifies further cautious in the market.
Nifty continues up streak amid the mixed global cues
Hence, traders are advised to trade cautiously, until nifty sustains above 21600 levels. Once the index surpasses that immediate hurdle, we will see the further upside move towards the new high. Also, keep an eye on INDIAVIX for further momentum.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 21400 | 47500 | 21200 |
Support 2 | 21300 | 47100 | 21140 |
Resistance 1 | 21500 | 48000 | 21300 |
Resistance 2 | 21680 | 48500 | 21350 |
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