Market Outlook for 06th December 2024
Nifty Outlook 20 Jan 2023
Last Updated: 20th January 2023 - 10:26 am
The U.S. markets corrected sharply on Wednesday which led to a negative sentiment and hence our market started trading for the weekly expiry day on a negative note. However, the index consolidated within a narrow range throughout the day and ended around 18100 with a look of one-third of a percent.
Nifty Today:
The negative sentiment from the U.S. markets led to a negative opening for our markets. But the impact was limited as the Asian markets had not reacted much and hence, our market did not witness any sharp correction. Also, the Nifty has given a breakout from a consolidation phase this week and hence, declines towards the support are now likely to witness buying interest. The FII’s have covered their short positions in last couple of sessions which was the major factor behind our market's underperformance recently. Their ‘Long Short Ratio’ has now increased to around 50 percent which was about 38 percent. Hence, the chart structure as well as data are not negative now. Thus, until we see any short formations again, traders should trade with a positive bias and look for buying opportunities on such intraday declines. The momentum readings are in Buy mode for Nifty while still showing sideways momentum for the BankNifty index. It would be crucial to see if Bank Nifty too surpasses its recent consolidation phase and takes the leadership again. The immediate support for Nifty is placed around 18050, followed by 18000-17950 range. On the higher side, 18250 and 18330 would be the short term levels on the upside to watch for.
Market consolidated on weekly expiry day, PSE stocks gaining momentum
Certain PSU stocks have started gaining momentum again and thus the NIFTY PSE index is gradually moving towards the previous high. Traders can look for stock specific opportunities from this space where selective stocks can see decent outperformance in the near term.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
18050 |
42200 |
Support 2 |
18000 |
42085 |
Resistance 1 |
18200 |
42500 |
Resistance 2 |
18200 |
42630 |
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