Nifty Outlook -2-Dec-2022

 Nifty Outlook -2-Dec-2022
Nifty Outlook -2-Dec-2022

by Ruchit Jain Last Updated: 2022-12-09T10:14:22+05:30

After the sharp upmove in the U.S. markets yesterday, our markets started the day on a positive note and almost tested 18900 at open. However, we witnessed some consolidation for the rest of the day and Nifty ended the day tad above 18800 with marginal gains of about three-tenths of a percent.

 

Nifty Today:

 

Our markets continued to make record highs as the global markets reacted positively to the Fed Chairman’s statement on possibility of smaller interest rate hikes going ahead. Nifty is just a distance away from testing the 19000 mark which would be another milestone to achieve in this rally. However, from a short term perspective, the momentum readings on the lower time frame chart have reached the overbought zone which needs to cool-off. Such overbought situations generally lead to either a time-wise correction or a price-wise corrective phase in the short term. Hence, the risk reward to chase the index at current levels is not very favorable. But the broader markets have recently witnessed buying interest and are now showing some catch up move. Hence, at the current juncture it is better to book profits in the index long positions and focus on stock specific approach where one could get better returns in the near term. The immediate supports for Nifty are placed around 18730 and 18630 while resistance will be seen in the range of 19000-19100.

 

Nifty continues to clock new records as global markets rallied

Nifty continues to clock new records as global markets rallied

 

Amongst sectoral moves, the cement sector witnessed a good move as expected while the Nifty Realty index gave a breakout from its resistance zone. Hence, one can look for opportunities in stocks from the realty sector in the coming session.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18730

43070

Support 2

18630

42880

Resistance 1

18960

43480

Resistance 2

19050

43705

 

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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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