Market Outlook for 08 December 2023

Ruchit Jain

Last Updated: 8th December 2023 - 01:27 pm

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

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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