Market Outlook for 31 October 2024
Weekly Market Outlook for 14 Nov to 18 Nov
Last Updated: 13th December 2022 - 12:25 pm
Nifty consolidated within a narrow range for most part of the week, but it resumed its uptrend on the last trading session post the sharp run up seen in the US markets. Nifty ended the week around 18350 with gains of over 300 points on Friday.
Nifty Today:
The equity markets rallied on the inflation data of U.S. which were lower than expectations. This data led to a sharp fall in the Bond Yields and the Dollar Index which resulted to a sharp upmove in the global equities. Our markets consolidated in a range for most part of the week, but the Nifty index held above its support zone of 18000-17950 and resumed it uptrend on Friday. The global factors provided impetus and the way charts are shaped up, our markets seem to be gearing towards all-time high soon. The IT sector rallied higher on positive cues from the Nasdaq Index while the HDFC twins later took the leadership followed by some positivity in heavyweight Reliance as well. With a continuation of the ‘Higher Top Higher Bottom’ structure, the support base for Nifty has now shifted to 18150 followed by 18000, while the momentum in the index heavyweights could lead the index towards 18500 followed by 18700 very soon. Hence, traders are advised to trade with a positive bias and look for buying opportunities from a short term perspective.
Equity markets rallied on US inflation data; Nifty gearing towards all-time highs
The heavyweights have taken the leadership while the Nifty Midcap and Smallcap index are still trading below their swing highs. Hence, instead of anticipating reversals in the underperformers, traders should look to ride the trend with the heavyweights or sectors which are participating in this upmove.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
18220 |
41920 |
Support 2 |
18150 |
41700 |
Resistance 1 |
18427 |
42560 |
Resistance 2 |
18530 |
42980 |
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