NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 15 DECEMBER 2022

FOR THE LIVE CALLS JOIN US ON WHATSAPP 9039542248

Markets continued to recover, ending with marginal gains after following positive global signals. After the gap up start, the Nifty index ranged until the end, finally settling at 18660. Meanwhile, a mixed trend on the sector front kept traders busy with real estate, metals and IT posting decent gains while FMCG traded mutedly. Also, the broader upside added to the positive sentiment as both midcap and smallcap were up over half a percent each. To finish, the Sensex was up 144 points, to 62677 and the Nifty was up 52 points, to 18660. Approximately 1961 stocks are up, 1476 stocks are down and 135 stocks are flat.

Markets will react to the outcome of the US Federal Reserve meeting in early trading on Thursday. A decisive move above 18,750 on Nifty would further fuel the recovery otherwise consolidation will resume. Technically, the Nifty has formed a small bearish candle that indicates indecisiveness between bulls and bears. For the bulls, 18750 would now act as a key resistance zone. Renewed uptrend rally possible only after 18750 releases. Above that, the index could rise to 18800-18900. In the meantime, traders should continue to focus on identifying stocks from sectors that are trading bullishly. Aside from the index majors, one can also be selective about the broader indices, given the recent improvement in their participation. The Bank Nifty Index continued its upward trend and closed just above the critical hurdle of 44000 where the highest open interest is being built on the call side. To continue the momentum to the upside, the index needs to stay above the 44000 level to continue the rally towards the 44500 level. After the spectacular rally of the PSU banks, it is now time for the private banks to catch fire and carry the momentum further higher.

Resistance: 18700, 18750, 18800

Support: 18600, 18550, 18500