Market Outlook for 06th December 2024
Nifty Outlook - 15 September 2022
Last Updated: 9th December 2022 - 10:29 am
The US markets corrected sharply yesterday post their inflation data and in line with it, the SGX Nifty was hinting at a significant gap down opening for our markets too. Our markets opened on a negative note but it witnessed buying interest at lower levels and recovered all the losses. The Nifty ended above 18000 with only a loss of about four-tenths of a percent, while the Bank Nifty outperformed by a wide margin to end above 41400 with gains of over 500 points.
Nifty Today:
It was a terrific day for our markets as it shrugged off the negative global cues and recovered the losses post the open. As it is said that all is well that ends well, and our markets have ended with not much negativity. If we look at the chart structure, the index opened the session near its rising trendline support which was placed around 17770 and that support played its role well. Due to the recent outperformance in the banking space, the BankNifty index witnessed a good buying interest and outperformed the benchmark by a wide margin. Niftys low of 17770 will now be seen as a sacrosanct as it is around the important short term moving averages as well. So the trend will turn negative only if Nifty breaks this support. The momentum readings on the daily chart are still in Buy mode but have entered into a corrective mode on the hourly chart. So this should be seen as a correction within a short term uptrend and one should keep a tab on the same to see whether the momentum readings resume its upmove going ahead. For Bank Nifty, 40500 will be seen as the trend reversal level and till that is intact the trend remains firm there too.
Nifty ends above 18000; all is well that ends well
The relative outperformance of our currency in the rising dollar index environment is one of the major factors for outperformance of our equity markets. So along with the other technical structure, one should keep a watch on the currency movement as well which could provide lead signals in the short term.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17890 |
41100 |
Support 2 |
17770 |
40850 |
Resistance 1 |
18140 |
41925 |
Resistance 2 |
18245 |
42185 |
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