Market Outlook for 31 October 2024
Market Outlook for 05 December 2023
Last Updated: 5th December 2023 - 10:33 am
Nifty started the week with a huge gap up post the state election outcome over the weekend. The index extended its upmove at all-time highs and ended the day just below 20700 with gains of a couple of percent.
Nifty Today:
The markets gave a thumbs-up to the state election results over the weekend and the index heavyweight stocks witnessed significant buying interest which led to gigantic upmove in the benchmark. The Nifty rallied by a couple of percent while which had underperformed off late, witnessed a sharp momentum to recover for the recent underperformance and it too registered new all-time highs as it rallied by more than three and a half percent. FII have turned net buyers in the cash segment recently and thus, the heavyweights are witnessing momentum. Also, the Midcap and the Small Cap indices are in the overbought zone, thus the risk reward seemed more favorable in the large cap names and this rotation could continue in favor of large names going ahead. Now the Nifty has achieved the levels of 20600 which was the 127 percent retracement level of the previous correction. The next retracement level at new highs is now seen around 21080.
Market gave thumbs-up to state election results; Nifty heading towards 21000
The momentum readings on the lower charts are overbought but since we are witnessing a strong trending upmove, it is better not to pre-empt any reversal as of now. Rather one should look for opportunities in the direction of the trend with proper risk management. The immediate support for Nifty is now placed around 20380 followed by 20200.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 20570 | 46130 | 20640 |
Support 2 | 20500 | 46000 | 20600 |
Resistance 1 | 20830 | 46780 | 21000 |
Resistance 2 | 20950 | 47130 | 21130 |
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