Market Outlook for 06th December 2024
Nifty Outlook - 12 Oct-2022
Last Updated: 10th December 2022 - 03:55 pm
Nifty started trading for the day on a flat note and traded in a range for most part of the day. However, the index corrected sharply towards the end and closed below the 17000 mark with a loss of over one and a half percent.
Nifty Today:
Nifty resumed the negative momentum in the later part of the day and has ended below the support of 17000. The recent pullback move in both Nifty as well as the Bank Nifty index has resisted around their 50 percent retracement levels and the index has not been able to surpass the hurdles. On the other hand, the global equity markets too have been correcting and the US Bond yields and the Dollar Index have rallied higher post the recent dip which are all negative factors for equity markets. FIIs are also riding on their short positions in the index futures and have majority of the positions on the short side. Now technically, it would be crucial to see how far this correction goes as if Nifty breaks the recent swing low of 16750 going ahead, then it will be seen as a five wave impulsive decline from the recent high of 18100 which would mean a downtrend which would have further large correction with in between pullbacks. On the flipside, if the index doesn’t break the swing low of 16750 and surpasses above 17200, then one should reassess the markets as it could then lead to short covering.
Market corrects as global data remains bearish
Until there’s change in the data, it's better to stay with the trend. The intraday supports for the coming session are placed around 16860 and 16750 whereas resistances are seen around 17170 and 17270.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
16860 |
38465 |
Support 2 |
16750 |
38270 |
Resistance 1 |
17170 |
39020 |
Resistance 2 |
17270 |
39370 |
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