Nifty Outlook - 7 Dec-2022

Ruchit Jain Ruchit Jain

Last Updated: 8th December 2022 - 10:15 pm

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Taking cues from the SGX Nifty, our markets started the day on a negative note in Tuesday’s session. However, the index then consolidated within a narrow range throughout the day and ended around 18650 with a marginal loss. 

 

Nifty Today:

 

Our markets consolidated within a narrow range as traders are awaiting the outcome of the major events i.e. Fed policy and the Gujarat Election results. In last few sessions, the index has seen a minor correction of about 300 points from the recent swing high but the index has still kept its important supports intact. The rising trendline support for Nifty is placed around 18550 while the 20-day EMA support is around 18430. Similarly, the Bank Nifty index too has seen some consolidation in last one week and is still trading above its 20-day EMA support of 42600. Thus, these will be the important levels to watch out for both the indices and it would be crucial to see how the market reacts to the outcome of the events lined up in next couple of trading sessions. The momentum readings on both Nifty as well as the Bank Nifty daily chart are in overbought zone and thus in case the indices breach the above mentioned supports, then it could enter a price-wise corrective phase in the near term. But until the supports are intact, the trend remains firm and hence a positive reaction to the events could then lead to a resumption of the uptrend in the overbought zone too. In such a case, the immediate resistance for Nifty would be seen around 18800 followed by 19000.

 

Market consolidates in a range awaiting events outcome

 

Nifty 6 Dec 2022

 

Traders are advised to keep a close tab on the mentioned levels and trade in the direction of the breakout from this ongoing time-correction.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18550

42940

Support 2

18430

42600

Resistance 1

18800

43400

Resistance 2

19000

43635

 

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