Nifty Outlook - 29 Dec-2022

Nifty Outlook - 29 Dec-2022
Nifty Outlook - 29 Dec-2022

Market Outlook
by Sachin Gupta Last Updated: 2022-12-29T12:00:27+05:30

The Nifty index sustained above the 18000 mark consecutively for the third day in a row. After taking the support at 100-EMA and 50% Retracement Level on Monday, the index has managed to trade positively but still hovering below 18200, which is an immediate hurdle for the near term. 

 

Nifty Today:

 

On Wednesday, the nifty started the day with a negative opening and showed some recovery moves, but during the closing hours, it again witnessed some profit bookings from the day's highs, and the nifty index managed to end on a flat note.

Overall, it was a range move as, in the broader market, investors booked profits in certain stocks ahead of the monthly expiry on Thursday. Despite that range bound move, a positive action has been witnessed in a few stocks, like GNFC, TVSMOTOR and CANBK, which were top gainers for the day, while TATASTEEL, BAJAJFIV volume, JUBLFOOD and IPCALAB were in the top Volume buzzer categories. 

 

Nifty Outlook 29th Dec 2022

 

On the daily chart, the nifty index has shown a good recovery from the bottom but is still trading below 38.2% FR and showing negative crossover in RSI. In the near term, 18200 is an important level which needs to break for the next upward rally in the nifty index. As per options data, there is the highest OI at 18200, followed by 18500. While on the put side, 18000 has the highest OI, followed by the 17500 strike price. The above data indicates that there will be a tough fight between bull & bear on the expiry day. So traders are advised to watch closely at these levels as any level breaks above or below that will decide the further direction for the market. On the downside, the nifty has support at 18000 levels while resistance is at 18380 levels. 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18000

42500

Support 2

17870

42000

Resistance 1

18200

43250

Resistance 2

18380

43500 

 

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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. 

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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