Market Outlook for 06th December 2024
Market Outlook for 5 October 2023
Last Updated: 5th October 2023 - 10:50 am
Nifty started the day with a gap down opening and corrected along with the broader market sell-off in Wednesday’s session. However, we witnessed a recovery in Nifty from the low of 19333 and it ended well above 19400 with a loss of less than half a percent.
Nifty Today:
The weakness in the global markets continued to have a negative impact on our markets and thus a broad market sell-off was seen in the markets. However, as the index approached its support of 19300, a recovery was seen in the later part of the day with the help of IT stocks and heavyweight stocks such as HDFC Bank. Now the recent sell-off in the markets has mainly been due to selling by FIIs on account of rising bond yields in the US resulting in weak global equity markets. While they still have much of the positions in the index futures on the short side, it needs to be seen if they cover their shorts as we approach the support zone. As of now, 19300-19250 will be seen as the immediate support, but markets are likely to witness selling pressure on pullback moves if the data does not change. The immediate hurdle will be seen in 19650-19700 range where 20 DEMA is placed. Hence, traders are advised to trade with a stock specific approach and watch for changes in data, if any, in the next couple of sessions.
IT sector supports Nifty to recover from intraday lows
The Nifty IT index had recently given a breakout from a long term resistance above 31500 at the start of September. This index rallied upto 33400 post breakout and has corrected in last couple of weeks to retrace again towards the breakout zone. This zone could now act as a support and hence, stocks from this sector could witness buying interest.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 19360 | 43700 | 19520 |
Support 2 | 19280 | 43520 | 19470 |
Resistance 1 | 19530 | 44130 | 19650 |
Resistance 2 | 19600 | 44300 | 19710 |
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