Nifty Outlook - 9 Dec-2022

Nifty Outlook - 9 Dec-2022
Nifty Outlook - 9 Dec-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-12-09T10:47:01+05:30

Nifty traded in a narrow range on the weekly expiry day, but the banking index outperformed and rallied higher to mark a new record high. Nifty ended the day marginally above 18600 while Bank Nifty posted gains of over a percent and ended around 43600.

 

Nifty Today:

 

Traders were eyeing the Gujarat elections outcome and since the outcome was much on expected lines (with polls), the index did not react much to the results. However, the broader markets witnessed good momentum and stocks from the banking space (especially PSU Banks) witnessed good buying interest. In last few trading sessions, the indices have seen some time-wise correction (consolidation) and the banking index seems to have resumed its uptrend. Nifty too is trading above its ’20 DEMA’ support which is now placed around 18450. Thus, 18500-18450 is a crucial support range for the index and till the index manages to sustain above the same, it could again witness an up move in the short term. The Banking index has already shown a positive sign and the IT index and the heavyweight RIL too are trading around their support, thus it needs to be seen which pockets take the lead from current level to support the index. 

 

Bank Nifty resumes its positive momentum and clocks new record

 

Nifty Outlook 9 Dec 2022

 

Traders are advised to look for buying opportunities and trade with a positive bias, however, one should keep stop losses on long positions below 18450 as a close below this could then result in price-wise corrective phase. On the flipside, 18730 and 18800 would be the near term resistances to watch out for.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18555

43250

Support 2

18500

42900

Resistance 1

18680

43800

Resistance 2

18730

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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