NIFTY OUTLOOK FOR WEEK (19-23 )DEC 2022

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 The headline equity index Nifty formed a bearish candle on Friday with a long upper shadow on the daily chart, indicating a sell-on-rise market mood. Now, as long as it remains below 18350, areas of weakness include 18081 and 18000, while obstacles include 18350 and 18442. The data on options point to a shift in the trading range from 18000 to 18600 zones and an immediate range from 18100 to 18500 zones. From 13.73 to 14.07, the fear gauge index India VIX saw a 2.48 percent increase. After a long time, the market reacted sharply on the negative side, causing volatility to rise from its lows. On intraday charts, chart readers noted a double top reversal formation and a lower top formation on the daily scale, pointing to further downside from the current levels. We anticipate that the 50-day SMA or the 18100-18000 levels will serve as support for the index during the following week. On the other hand, the index could test the 20-day SMA or 18550 above 18400, which could serve as immediate resistance. The index could reach 18700 in the event of additional upward movement. According to the weekly chart, the Nifty may fall to the next significant support of 18100-18000 levels in the upcoming week after falling below the crucial immediate support of 18500 levels. 18450-18500 levels represent immediate resistance. On a closing basis, the nifty has now slipped below the crucial swing low of 18350. The price structure should suggest that the development does not bode well for the bulls. A close below this support raises the possibility of a week-long correction. Despite our bias, we are still unconvinced by this close. In the upcoming sessions, only a follow-through selling strategy may result in further weakness toward 18130-18000-17900. Regardless of whether this situation works out, we don't anticipate that the revision should bother underneath the lower end of this help range. As long as we are able to maintain this, the higher degree up trend does not change.