Weekly Market Outlook for 11 December to 15 December

Sachin Gupta

Last Updated: 11th December 2023 - 03:29 pm

The Nifty index soared to a historic high of 21000 mark during the end of the week and ended just below it with weekly gains of about three and half percent. The Bank Nifty index outperformed with participation from the heavyweights and posted weekly gains of over 5 percent.

Nifty Today:

Our markets have seen a relentless upmove in last one move and the momentum has accelerated in last few days as significant buying interest is seen in the index heavyweights. The main reason has been the robust fundamental data which resulted in buying interest by the FIIs. They have bought equities in the cash segment of over 10000 crores in this month so far while in the derivatives, they have covered their short positions now have net buying positions with ‘Long Short Ratio; over 55 percent. The momentum readings are in the over-bought zone but there are no signs of price reversal yet. For the coming week, immediate resistance will be initially seen around 21050-21000 zone while 20750-20700 will be the support to watch out.

Nifty hits milestone of 21000 mark

Given the overbought set-ups, there could be some consolidation in the index in the coming week which would be seen as a time-wise correction. Traders are advised to be very stock specific and be very selective in the midcap and the small cap stocks for the short term.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	Nifty Levels	Bank Nifty Levels	FINNIFTY Levels
Support 1	20850	46900	21070
Support 2	20800	46600	20920
Resistance 1	21080	47450	21300
Resistance 2	21170	47630	21380

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