Nifty Outlook - 28 Dec-2022

Nifty Outlook - 28 Dec-2022
Nifty Outlook - 28 Dec-2022

by Sachin Gupta Last Updated: Dec 28, 2022 - 10:41 am 6.1k Views
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After the gap-up opening, the nifty50 slipped slightly and tested the prior day low in early's trades on Tuesday trading session, but after making a low at 17967.45, the index showed some recovery and ended in positive territory with 0.65% gains. 


Nifty Today:


On the sectoral front, Nifty Metal was the top performer; it added 4% gains to Nifty50 for the day, followed by Realty, PSUBank and Media contributing 1% for the day.  

Finally, the nifty index has managed to settle above the Rising Trendline and filled the gap for the last two days on the daily chart. However, we already witnessed a bullish Engulfing Candlestick pattern on the Monday session that indicates bullish momentum for the near term.  A momentum indicator, RSI, suggested a positive crossover on the daily timeframe, but on the higher side, 18200 seems an immediate hurdle for the nifty. The Bank Nifty has also added half a percent gain to close at 42859.50 levels. On an hourly chart, the bank nifty has formed like a Cup & Handle patterns and closes near to neckline or a breakout point. If bank nifty sustains above 43000 levels, it will see a rally to 43500/43800 levels.         


Nifty Outlook 28th Dec 2022


Hence, traders are advised to follow the buying on dips strategy for the coming day and also keep an eye on the development of derivatives data as we are already trading near to monthly expiry. On the downside, the nifty has support at 18000 levels while resistance comes at 18350 levels. 

Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2




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About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 


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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