Nifty Outlook - 13 Dec-2022

Nifty Outlook - 13 Dec-2022
Nifty Outlook - 13 Dec-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-12-13T11:21:12+05:30

Taking Cues from the U.S. markets and the SGX Nifty, our markets started the day on a negative note. However, the market participants took this gap down as a buying opportunity and the markets recovered from the lows and consolidated within a range. The index finally ended tad below 18500 without much change to Friday’s close. 

 

Nifty Today:

 

Our markets have seen some correction in last one week which seems to be because of some profit booking on long positions. FII’s have unwound some of their long positions due to which their ‘Long Short Ratio’ has recently declined from 75 percent to around 57 percent. However, the index has retraced the recent upmove from 16800 to 18880 by 23.6 percent. The market breadth has not deteriorated much and thus, it would be crucial to see if the index recovers from this retracement support. The banking index has managed to hold well as it has shown a relative outperformance and has supported the benchmark as well. Hence, 18450-18350 would be seen as an immediate support range for the index and till this holds, traders can look for stock specific buying opportunities. On the higher side, 18600-18700 would be seen as immediate resistance.

 

Nifty recovers from opening lows, stock specific buying seen

 

Weekly Market Outlook 13th Dec

 

During the week, the U.S. Federal Reserve will be announcing their policy outcome and how the global markets react to the same will be the crucial event to watch out for. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18380

43420

Support 2

18280

43205

Resistance 1

18570

43800

Resistance 2

18630

44000

 

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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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