Nifty Outlook For - 23 December 2024
Weekly Market Outlook for 22 May to 26 May
Last Updated: 22nd May 2023 - 10:48 am
It was a phase of corrective week for the Nifty as the index corrected from its hurdle of 18450 to sneak below 18100. The index took support around its 20 DEMA and witnessed a pullback towards the end of the week to close around 18200 with a weekly loss of over half a percent.
Nifty Today:
Our markets had seen a relentless rally in last one and a half month. Hence the momentum readings approached the overbought zone and indicated some divergences as the Nifty approached the 78.6 percent retracement hurdle at 18450. The index corrected during the week to relieve the overbought set-ups, but we did not see any short formations in this correction. The 20 DEMA around 18080 acted as a support in Friday’s session and if this support remains intact, then there’s a possibility of a resumption of the uptrend from this support. The Bank Nifty continued its relative strength while the IT space too saw a pullback move in Friday’s session and supported the index. The concern during the week was the depreciating Rupee which tested 82.80 mark. However, if we look at the USDINR positional charts, then it is still in a consolidation phase and will be seen as a concern only if it sustains above 83 level. Hence, till the INR is below 83 and Nifty is above the support of 18080-18050, there does not seem to be a major risk in the coming week. Hence, traders should keep a close tab on these levels and position their trades accordingly.
20 DEMA acted as a support; no short formations in recent correction
On the higher side, 18300-18350 is the immediate resistance followed by the swing high at 18450. A breakout beyond this range of 18450-18050 will then lead to a directional move in the direction of the breakout.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
|
Nifty Levels |
Bank Nifty Levels |
FINNIFTY Levels |
Support 1 |
18050 |
43660 |
19300 |
Support 2 |
18000 |
43350 |
19200 |
Resistance 1 |
18320 |
44150 |
19500 |
Resistance 2 |
18450 |
44330 |
19560 |
- Performance Analysis
- Nifty Predictions
- Market Trends
- Insights on Market
Trending on 5paisa
Market Outlook Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.