Market Outlook for 06th December 2024
Nifty Outlook - 26 August 2022
Last Updated: 10th December 2022 - 09:16 pm
Nifty started the expiry day with a gap up around and surpassed the 17600 mark as the markets traded with a positive bias for the first half of the day. However, we witnessed profit booking in the last hour of trade due to which the index gave up all the gains and ended above 17500 with a loss of around half a percent.
Nifty Today:
Nifty had rallied sharply in the August series as the Nifty posted gains of over 10 percent over previous series. However, off late we witnessed profit booking due to which the market corrected from 18000 to 17350 and then we saw a pullback move for a couple of sessions. The stock specific move was robust in this pullback move but the indices did not witness any long formations. Also, the global factors have turned negative as the FII’s reduced their longs and were net short ahead of expiry. The Dollar Index too has resumed its uptrend which is negative while the global markets (U.S. markets) seem to have resumed its downmove from their resistances. Also, the momentum readings that we track have turned negative on the daily chart from the overbought zone which does not bode well. Hence, we were looking at this as just a pullback move.
Index completes its pullback and resumes corrective phase
Post a pullback move from the 20 DEMA support of 17350, Nifty has completed its pullback move around the 61.8 percent mark while Bank Nifty which showed relative outperformance has completed the up move at its 78.6 percent retracement level. Thus, the short term corrective trend has resumed and we expect the market to correct further in the near term. The index could correct upto 17400-17350 first and below this, 17100 will be the next target level that we would expect once. On the higher side, 17700-17750 is the immediate resistance zone.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17430 |
39680 |
Support 2 |
17340 |
38400 |
Resistance 1 |
17670 |
39350 |
Resistance 2 |
17745 |
39750 |
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