Market Outlook for 31 October 2024
Market Outlook for 12 December 2023
Last Updated: 12th December 2023 - 11:13 am
Our markets continued their positive bias at the start of the week as the Nifty index registered a new record high of 21026. Although, the index consolidated within a range at higher levels and ended around 21000 with marginal gains.
Nifty Today:
The benchmark indices have achieved a new milestone of 21000 mark in Nifty and 70000 mark in the Sensex. The momentum at new highs indicates a strong uptrend in the markets and although the RSI readings are overbought, there are no signs of reversal as of now. FIIs have formed long positions in the index futures segment where they started the December series with 36 percent long positions, but now have around 57 percent positions on the long side. They have been net buyers in the cash segment too which is a positive sign. Now although the momentum readings are overbought, there are no signs of reversal yet and thus traders should continue to trade in the direction of the trend till the supports are intact. The immediate supports for Nifty are placed around 20900 and 20800 while resistance is seen around 21080 as per the retracement theory. While the index could consolidate within this range, short term traders can trade with a stock specific approach as the market breadth is more in favor of advances.
New milestone for benchmarks, Sensex hits 70000 and Nifty at 21000
Only a break below 20800 could then apply some brakes to the ongoing rally and lead to some pullback move. Thus traders should keep a close watch on the given levels and manage positions accordingly.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 20880 | 47130 | 21140 |
Support 2 | 20830 | 46960 | 21070 |
Resistance 1 | 21080 | 47540 | 21300 |
Resistance 2 | 21140 | 47770 | 21390 |
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