Market Outlook for 06th December 2024
Nifty Outlook - 11 Nov-2022
Last Updated: 9th December 2022 - 04:28 am
Nifty started the weekly expiry session with a gap down and traded with a negative bias throughout the day. Nifty breached the 18000 mark during the day, but it recovered marginally from lows and ended above 18000 with a loss of two-third of a percent.
Nifty Today:
The recent upmove in the Nifty witnessed slowdown in momentum which resulted in a negative divergence on the lower time frame chart. Such divergences usually lead to either price wise or a time wise correction in the short term which we witnessed on the expiry day. In last few day’s Nifty has consolidated within the range of 17950-18300 wherein the index has witnessed buying interest in the range of 18000-17950. This would be seen as a make or break for the near term and hence, traders would be keenly watching this support. On the other hand, the banking index has continued to witness strength and it would be the key sector to lead the near term momentum. A close below 17950 could then lead to a profit booking and retracement of the recent upmove and hence, traders should keep stoplosses accordingly on the long positions. The market breadth was negative with midcap and small cap basket showing relative underperformance.
Nifty near crucial support, market breadth weakens
Hence, traders should be very selective in stock picking and look for trading opportunities in sectors which are showing strength relative to the benchmark.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17960 |
41400 |
Support 2 |
17900 |
41200 |
Resistance 1 |
18100 |
41725 |
Resistance 2 |
18170 |
41850 |
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