Market Outlook for 06th December 2024
Nifty Outlook -1-Dec-2022
Last Updated: 8th December 2022 - 10:16 pm
Nifty consolidated in a narrow range for most part of the session, but it rallied sharply in the last half an hour and ended the day above 18750 with gains of three-fourth of a percent.
Nifty Today:
The index continued its uptrend led by the index heavyweights and thus Nifty continues to record new milestones. It has surpassed the 18700 mark too and now seems to be heading towards the milestone of 19000. Most of the sectors participated in the rally except PSU Banks which witnessed some profit booking post the recent run up. This indicates a broad market participation and the Nifty Midcap index too given a breakout from its consolidation phase. The global factors also remain positive as of now for the equity markets. The momentum readings on the lower time frame charts have reached the overbought zone, but we have often seen extended upmoves in the market when the trend is strong enough. Going ahead, the sector specific buying interest is likely to continue and hence traders should look for stock specific buying opportunities from a near term perspective. With up moves in index, the support base is shifting higher and the immediate support for Nifty is now placed around 18550 followed by the ’20 DEMA’ support at 18300. On the flipside, 18900-19000 would be the immediate range to watch out for as the option writers positions are placed around the same.
Buying in last half an hour leads Nifty above 18750
Amongst sectoral indices, the cement stocks have witnessed a good price volume action and hence stock from this space could see a good upmove in the near term. Traders are advised to look for buying opportunities within the large cap cement names from a short term trading perspective.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
18645 |
42960 |
Support 2 |
18530 |
42700 |
Resistance 1 |
18850 |
43410 |
Resistance 2 |
18930 |
43600 |
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