Market Outlook for 06th December 2024
Nifty Outlook - 14 Oct-2022
Last Updated: 9th December 2022 - 09:17 am
Nifty started the weekly expiry day marginally negative and corrected to sneak below 17000 mark once again. However, the index managed to hold this support zone and ended above 17000 with a loss of over half a percent.
Nifty Today:
Nifty has been trading within a range since last few days wherein the index has managed to hold its ‘200 DEMA’ support while it has witnessed resistance in the pullback moves. The global markets will be reacting to the US Inflation data, but the chart structure indicates that the US indices are trading near crucial supports with positive divergence in the RSI. Thus, there's a probability of a pullback move in the near term which could provide support to the global equities as well. The range of 17000-16900, followed by the swing low of 16750 will be seen as crucial support for Nifty in the short term. Till these supports are intact, we expect a pullback move in Nifty and in case of any such pullback 17260 followed by 17425 will be the initial levels to expect. If we look at the derivatives data, the Client section are holding significant long positions in the index futures while FIIs are short heavy.
Nifty trading near support zone, global data to lead the momentum
Any positive trigger could lead to short covering moves by FIIs which would support the markets to scale higher. Hence, traders are advised to look for buying opportunities from a near term perspective and trade with a positive bias.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
16940 |
38350 |
Support 2 |
16870 |
38085 |
Resistance 1 |
17100 |
39000 |
Resistance 2 |
17182 |
39330 |
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