Nifty Outlook - 29 Nov-2022

 Nifty Outlook - 29 Nov-2022
Nifty Outlook - 29 Nov-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-12-10T09:00:24+05:30

Nifty started the day marginally negative following the SGX Nifty, but it witnessed buying interest right from the open and the index rallied to finally conquer all-time high. The index registered a new record of 18614.25 but ended the day around 18560.

Nifty Today:

Finally the Nifty index registered a new record high after a span of about 13 months and registered a new high of 18614.25. Our markets have outperformed the global markets in turbulent times and this new milestone is certainly a moment of pride for us. The recent up move have seen major participation from the Banking and Financial sector and the IT space which have seen a sharp pullback move. The heavyweight Reliance Industries too has seen a buying interest which supported the index and infact it was the major contributor in Monday’s session to lead the benchmark to the new milestone. The trend for the index still remains positive, but the momentum readings on the hourly chart in Nifty and on the daily chart in Bank Nifty have reached the overbought zone. Generally such overbought setups need to cool-off which could lead to either some pricewise or a timewise correction in the short term. Hence, although everything seems hunky-dory at the moment, it is better not to get complacent and rather tighten the grip on money management and trade with strict stop losses. At current juncture, short term traders can also look to book profits on long positions and take some money off the table. The immediate support for Nifty is placed around 18400 while the medium term support of ’20 DEMA’ has now shifted to 18200. 

Record high in Nifty a momentum of pride for us

Nifty Outlook 29th Nov 2022

The Midcap 100 index has seen a relative outperformance in last couple of sessions and has seen some catch up moves. However, the index needs a breakout above 32000 mark which would mark a breakout from the Symmetrical triangle pattern. One should keep a close watch on the development here and such breakout could then lead to some good stock specific action in the near term. 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18415

42785

Support 2

18265

42550

Resistance 1

18660

43200

Resistance 2

18760

43400

 

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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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