Market Outlook for 06th December 2024
Weekly Market Outlook for 24 Oct to 28 Oct
Last Updated: 10th December 2022 - 08:09 am
Although the market started the week marginally negative, it recovered and rallied higher gradually throughout the week. The Banking space took the charge towards the end post good quarterly results from Axis Bank due to which, Bank Nifty posted weekly gains of four percent while Nifty ended the week tad below 17600 with weekly gains of over a couple of percent.
Nifty Today:
The equity markets witnessed a good buying interest in last couple of weeks after forming a support base around the 17000 mark. The currency depreciation is usually considered as negative for equity markets but this time inspite of INR breaching the 83 mark, Nifty is still well above its swing lows which indicates a positive divergence and buying interest in equities. However, towards the end of the week, the market breadth weakened as the declines outnumbered the advances on Friday as thus the midcap index ended the red. Infact in this upmove from 17000 to 17600, there has been less participation from the midcap basket and large caps such as banking and finance has led the move. Looking at the chart structure, the short term momentum still seems to be positive, and until the index breaks any important supports traders should continue to trade with a positive bias and look for buying opportunities on declines. But one be very stock specific in selecting stocks for trading and avoid ones which are underperforming.
Nifty keeps short term momentum intact; Banking outperforms
The immediate supports for Nifty are placed around 17460 and 17340 and close below these supports will then lead to a break in momentum where should again reassess the charts. On the flipside, 17700-17800 will be seen as the immediate resistance zone for the index.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17460 |
40350 |
Support 2 |
17340 |
40100 |
Resistance 1 |
17700 |
41250 |
Resistance 2 |
17800 |
41500 |
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