Market Outlook for 13th December 2024
Nifty Today Outlook Report - 29 July 2022
Last Updated: 14th March 2023 - 02:47 pm
The global markets reacted positively to the U.S. Fed policy outcome which led to a gap up opening for our markets too. Nifty started with a gap up around 16800 and continued its momentum throughout the day to end well above 16900 with gains of almost 300 points.
Nifty Today:
At the start of this week, the index corrected marginally to relieve the overbought momentum setups. Post some retracement, the index resumed the positivity ahead of the event itself in anticipation and the global markets provided impetus for resumption of the upmove.
So the ‘Higher Top Higher Bottom’ structure continues and Nifty is marginally short of the 17000 mark. If we look at the daily chart, the index is retracing the previous corrective moves and is trading around important juncture. The 50 percent retracement of the entire correction from the top i.e. 18540 to 15180 is achieved at 15900 and the 61.8 percent retracement of the previous corrective leg from 18115 to 15181 is placed around 17000. So 16900-17000 is an important zone where the index is trading now and if it manages to surpass the same, then it could target to move towards the 61.8 percent retracement of the correction from the top which is seen around 17300. Today’s gap area of 16746-16653 will now be seen as the important short term support. The momentum setups on the lower time frame chart have again reached the overbought zone, but we seen recently that sometimes index stretches its upmove when in strong momentum for sometime inspite of being overbought. Hence, one should not pre-empt any reversal as of now and rather trade with the trend until any reversal signs seen.
The Midcap and the Smallcap index did not see significant upmove inspite of good gains on the benchmark. Since the market has already seen a rally in this month and is approaching resistances mentioned above, the upmove from hereon could get concentrated to fewer sectors or stocks and hence, traders need to be very selective in stock picking.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
16800 |
37130 |
Support 2 |
16670 |
36890 |
Resistance 1 |
17000 |
37520 |
Resistance 2 |
17080 |
37660 |
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