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Indian markets were split between gains and losses on Wednesday as investors turned cautious amid mixed global signals. The start of the year-end holiday season resulted in a flat stock in benchmarks Sensex and Nifty 50 after a 2-day significant rally. Durable consumer goods, energy and oil & gas stocks were key contributors to the market today. The rupee also rebounded from early losses to close flat. India's volatility index rose nearly 1%. Sensex closed at 60910, down 17 points, While the Nifty 50 was down 9 points, to end at 18122. Bank Nifty was slightly down 31 points, to settle at 42827.The market oscillated between gains and losses, with investors taking position around the flat line as mixed global cues worried them to choose a firm one-way move. US stocks were weak as trade deficit data indicated strength in the economy and raised concerns about a tightening stance by the Fed. However, steps to reopen the Chinese economy raised the prospect of a recovery in demand. Nifty spent all day in a narrow band, but tone was on the positive side thanks to buying of select index majors. Broad market indices closed in positive territory, but the pre-drop ratio fell to 1.34:1 from the high levels of the past two days. Global equities traded sideways on Wednesday after China took further steps to reopen its COVID-hit economy; however, hopes of an economic recovery were tempered by near-term worries about rising cases. For nifty 18200-18300 is the key resistance zone which actually proved to be the crucial barrier for the week. As long as the index remains below this resistance zone on a closing basis, it should consolidate in the near term. 18150-18100 may be the tight range for Nifty with key support at 18000. Nifty appears to have hit a roadblock after a two-day climb. However, a small intraday range does not give enough signals for the future trend. Nifty may now face resistance in the 18175-18250 area and near-term support from the 18000-17950 area. Bank Nifty, index options data points to immediate resistance at 43500 where most open interest is building on the call side. Lower index support stands at 42500 , which will act as a buffer for the bulls. Signs suggest that a range-bound trend for Nifty will continue and we expect stock-specific moves to keep participants busy thanks to derivatives contracts scheduled to expire in December 29 2022 tomorrow. In addition, the broader indices are also showing some stability, allowing participants to be selective in looking for buying opportunities.
Resistance: 18200, 18300, 18400
Support: 18100, 18000, 17900
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