Nifty Outlook - 25 Nov-2022
Last Updated: 10th December 2022 - 02:46 pm
Nifty started the expiry day on a positive note and witnessed buying interest on intraday decline. The large cap stocks continued to lead the momentum and the Nifty rallied sharply in the last hour of the trade to end tad below 18500 with gains of over 200 points.
Nifty Today:
The index finally came out of its recent consolidation phase and resumed its uptrend on the November F&O expiry day. The large cap stocks, esp. led by the IT space, showed good momentum which resulted in the Sensex hitting all-time high and Nifty is just a distance away from the milestone. As we have been mentioning that until the Nifty breaks its important supports, the consolidation should just be seen as a time-wise correction and the index now has resumed the momentum. The ’20 DEMA’ support for Nifty has now shifted higher to 18140 and thus, until there are signs of reversal we continue with our advice to trade with the trend. The supports in Nifty for the coming session are placed around 18340 and 18200 while resistances are seen around 18670 and 18800.
All time high for Sensex, Nifty just distance away from milestone
Recently, this index rally has been led by few heavyweights such as Banking and IT while the midcaps have not participated. Until we see a breakout in the midcap index, one should continue to focus on stock specific moves in the sectors which are participating along with the uptrend in the index and avoid the underperforming ones.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
18340 |
42840 |
Support 2 |
18200 |
42600 |
Resistance 1 |
18670 |
43240 |
Resistance 2 |
18800 |
43400 |
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