On December 28, 2023, the Indian stock market showcased resilience, concluding the year on a positive note for the eighth consecutive time. This accomplishment is notable given the various challenges encountered throughout the year, including rising interest rates, banking crises in the US, geopolitical tensions from ongoing conflicts, surging crude oil prices, and a slowdown in the Chinese economy. The Nifty index hit an all-time high at the 21,800 level, marking a significant milestone. The day began with a gap-up opening, and the Nifty maintained the 21,700 level, highlighting a robust momentum in the market. Overall, the Nifty has displayed a consistently bullish trend, with immediate support levels identified at 21,700 and 21,600. Positional traders are advised to retain their holdings in the Nifty, with a recommended stop loss set at 21,500. Upon analyzing the Open Interest (OI) data, it is noteworthy that the call side shows the highest OI at the 22,000 level, closely followed by the 21,100 strike prices. Conversely, on the put side, the 21,500 strike price boasts the highest OI. These indicators suggest a cautiously optimistic sentiment among market participants. As the market concludes the year, the ongoing bullish trend and strategic support levels present a positive outlook for investors. However, it is crucial to remain vigilant and adaptable, considering the dynamic global and economic landscape that influenced market dynamics throughout the year.
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