Market Outlook for 05 January 2024

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 5th January 2024 - 10:51 am

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Nifty started the weekly expiry session on a positive note and it rallied higher with a broader market participation. The index ended the day above 21650 with gains of about seven-tenths of a percent.

Nifty Today:

Our markets witnessed some pullback move corrected during the week, but the broader markets did not see any sharp sell-off. Infact, the market breadth has been in the favor of advances which indicate stock specific buying interest amongst market participants. Nifty managed to find support around 21500 which was the 50 percent retracement level of the recent upmove. Thus, this will be now seen as the crucial support and till this remains intact, the near term trend remains positive. The index is forming a ‘Rising Wedge’ pattern on the daily chart and thus we could see one more new high on the index in the short term. Hence, it is advisable to keep stoploss below 21500 and trade with a positive bias for probable targets around 21800-21850 followed by 21970. 

Nifty resumes uptrend post a small correction, Realty outperforms

The Realty sector which outperformed other sectors in the calendar year 2023 continue to rise. PSU Banking stocks too are indicating a continuation of the uptrend in the near term as the index has surpassed its swing high. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21450 47500 21200
Support 2 21380 47350 21130
Resistance 1 21630 47850 21350
Resistance 2 21740 48000 21430
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