Market Outlook for 08 December 2023

Market Outlook for 08 December 2023
Market Outlook for 08 December 2023

by Ruchit Jain Last Updated: Dec 08, 2023 - 01:27 pm 793 Views
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Nifty consolidated in a narrow range on the weekly expiry day, and it ended the day marginally negative around 20900.

Nifty Today:

The index traded within a range in Thursday’s session but the broader market was no short of action. The stock specific movement was positive as the market breadth was in favor of advances. The RSI oscillator which is overbought on the hourly charts post the recent run up, has started cooling-off but the index has not breached its support. Also, FIIs have been buying in the index futures segment and their ‘Long Short Ratio’ has surpassed over 50 percent which is a positive sign. Thus, the overbought set ups could cool-off with some consolidation, but the uptrend still remains intact. Hence, traders should continue to trade with a positive bias until there are any signs of reversal. The immediate support for Nifty is placed around 20800 followed by 20650 while the possible target on the index as per the retracement is seen around 21080.

FIIs turn net buyers in index futures

Market Outlook for 08 December 2023

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 20800 46590 20840
Support 2 20750 46340 20770
Resistance 1 21000 47000 21100
Resistance 2 21080 47180 21170

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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