NIFTY OUTLOOK FOR WEEK (14-11-2022 TO 18-11-2022)

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The Nifty50, as expected, witnessed a gap-up opening on November 11 and finally closed near a 13-month high. The index rallied more than 300 points, tracking a sharp uptrend in global counterparts after the US reported a softer-than-expected inflation print for October at 7.7 percent. This hinted at the possibility of less  rate hike by the US Federal Reserve in upcoming policy meetings .The index, which has formed a bullish candle on the daily charts, finally hit the 2022 high 18,350. Hence, if the index sustains above this level, then that may raise the possibility of Nifty inching towards a record high 18,604 in coming sessions, with the crucial support of the 18,000 mark.On the daily chart, the index has moved above the previous consolidation. The trend looks positive as long as the 18,300 level is held on a closing basis .On the higher end, it may move towards 18,600 over the near term. On the lower end, support is pegged at 18,200-18,000, he added. Overall, the trend is positive and  recommend buying on dips until key supports are breached.Bank Nifty also had a strong gap-up opening of 560 points at 42,163 and made a new record high of 42,345. The banking index rose 533 points to settle at 42,137. On the derivatives front, we have seen the highest Call open interest at 43,000 strike followed by 42,500 strike price while on the Put side, the highest open interest remained at 41,500 strike followed by 41,000 strike

Technically Speaking :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 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.