Ruchit Jain Ruchit Jain 12th December 2022

Weekly Market Outlook for 7 Nov to 11 Nov

Listen icon

Nifty reclaimed the 18000 mark at the start of the week, but it then consolidated within a narrow range throughout the week. Inspite of negative cues from the global markets, Nifty managed to hold above its supports and ended the week above 18100 with weekly gains of almost a couple of percent.

 

Nifty Today:

 

The outperformance to the global peers continued for our markets as inspite of the negativity seen in the US markets post the FED policy outcome, Nifty managed to defend the 18000 level and ended the week well above it. If we look at the global markets and data, the US markets have seen negative reaction to the FED policy outcome and especially the Nasdaq index seems to have resumed its downtrend. The US 10 year bond yield has seen some upmove while the Dollar Index is in a consolidation phase and below its immediate resistance of 114. Our markets have continued to witness a relative outperformance to the global peers and the intermediate dips witnessed buying interest. The support base for Nifty is placed in the range of 18000-17950 and till this range is intact, the short term trend remains up. Only in case we break the above mentioned support zone, then the index could then correct towards the ’20 DEMA’ which is placed around 17700. Hence, traders should placed stoploss below 17950 for trading long positions. On the flipside, the immediate hurdle is seen around 18200 and once the Nifty surpasses this hurdle, then it could resume the momentum towards 18400-18500.

 

Nifty outperformed global peers and sustained above the 18000 mark

 

Nifty outperformed global peers and sustained above the 18000 mark

 

Amongst sectoral indices, the BankNifty index too has seen a time-wise correction in last one week but is trading above its support of 40500. The Nifty Metal index witnessed a breakout during the week which could see further momentum in the near term. Amidst this consolidation in the index, traders are advised to look for stock specific opportunities till the index hold above the mentioned support.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17970

41000

Support 2

17850

40800

Resistance 1

18200

41500

Resistance 2

18325

41740

 

How do you rate this article?

Characters remaining (1500)

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.

Get 100 trades FREE* with the code "FREEPACK"
+91
''
Resend OTP
''
''
Please Enter OTP
''
By Proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 25 April 20...

by Ruchit Jain 24/04/2024

Market Outlook for 24 April 20...

by Ruchit Jain 24/04/2024

Market Outlook for 23 April 20...

by Ruchit Jain 23/04/2024

Market Outlook for 22 April 20...

by Ruchit Jain 22/04/2024

Market Outlook for 19 April 20...

by Ruchit Jain 19/04/2024