Jefferies' Chris Wood: U.S. Market Losing Its Grip, Asia and Defence Stocks Gain Ground
Market Outlook for 13 December 2023

Nifty started the marginally positive above 21000 mark, but it witnessed some profit booking at higher levels and it corrected marginally during the day to end around 20900 mark.
Nifty Today:
The index has been consolidating at higher levels since last few sessions, and as the momentum readings are overbought post the recent run up, some profit booking was seen in Tuesday’s session. In the index options segment, significant writing was seen in 21000 call option which hints that option writers expect this level to act as a hurdle in the next couple of sessions. But for the overbought momentum readings to cool-off, there could be some pullback move or a consolidation phase in the near term. It would be important to see if the Nifty index breaks the support zone of 20850-20800 below which, we could expect a price wise correction. Else, there could be some consolidation with a range where 20850-20800 would act as a support while 21000-21100 would be the resistance.
Some profit booking seen at higher levels as index in overbought zone

The FED policy outcome too could have a short term impact and hence traders are advised to keep a watch on the same.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 20850 | 46850 | 21060 |
Support 2 | 20760 | 46740 | 20980 |
Resistance 1 | 21000 | 47370 | 21330 |
Resistance 2 | 21100 | 47500 | 21390 |
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