NIFTY OUTLOOK FOR 16 DEC 2021

Markets continued to decline for a third straight session on Wednesday 15 Dec 2021 on the back of unsupportive global cues. The Nifty index ended lower by 103 points at 17226 levels. Most of the sectoral indices traded in tandem with the benchmark and ended lower. The broader markets too witnessed selling pressure as both Midcap and Small cap ended lower by 0.5% and 0.3% respectively. All eyes will be on the US Fed meeting tonight and we’re going to see the reaction in early trade on Thursday. While the majority expects that the committee would hold rates citing the possible challenges due to the new COVID variant, commentary on tapering, inflation and growth would be critical. Besides, we have weekly derivatives expiry scheduled, so expect choppiness to remain high. Participants should wait for some clarity over the direction and limit positions.

The Nifty witnessed continued selling pressure near the key hourly moving averages & the 20 DMA. Recently, it had formed a Popgun pattern on the daily chart & as a follow through of the pattern, it is sliding down. For the last couple of sessions minor bounces are getting restricted near these key short term moving averages. Thus 17300-17350 will continue to act as a near term resistance zone. On the downside, the index is approaching 61.8% retracement of the recent leg of the rise. The key Fibonacci level, which is near 17175, is the immediate support to watch out for. If that is breached then the fall can extend towards 17100 on the downside. 

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Resistance: 17300, 17400, 17500

Support: 17200, 17100, 17000

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 15 DEC 2021

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Market ended the session on Tuesday 14 December 2021 on a negative note with Sensex down 166 points at 58117, and the Nifty shedding 43 points at 17324. Due to elevated levels of inflation and weak Asian markets, the domestic indices extended losses ahead of the US Fed policy announcement. Offsetting a favorable base effect and cut in levies on fuel, India’s CPI inflation rose to 4.91% YoY in November as higher input costs forced producers to hike prices. Moreover, India’s wholesale inflation soared to a 12 year high of 14.23% YoY underpinned by mineral oil, base metals, crude petroleum and natural gas.

NIFTY & BANKNIFTY OUTLOOK FOR 14 DEC 2021

Market failed to hold on to gains made earlier in the session, and ended lower on Monday, dragged down by realty, oil & gas, and PSU bank stocks. The Sensex fell 503 points, to end the day at 58283, and the Nifty was down 143 points at 17368. The markets failed to close above the 17500 level, we witnessed a sharp reversal and the Nifty dropped.

NIFTY PREDICTION FOR NEXT WEEK 13 DEC TO 17 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17600, 17800, 18000

PIVOT POINT: 17400

WEEKLY SUPPORT FOR NIFTY:  17200, 17000, 16800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17550, 17650, 17750

PIVOT POINT: 17450

DAILY SUPPORT FOR NIFTY:  17350, 17250, 17150

DAILY CHART FOR NIFTY

In the midst of the mixed global cues, our markets started the week on a flat note. After the initial volatility, Nifty managed to find a clear direction; but unfortunately it was southwards. As the day progressed, the selling aggrandized across the broader market to break all intraday supports one after another. Eventually, bulls surrendered the psychological level of 17000 convincingly to mark lowest daily close in last three months. Despite positive global cues, our markets had a terrible session on Monday as Nifty marked the lowest close in last three months. But we could not neglect the extended recovery in global peers on Tuesday. All key indices started the session with a decent upside gap and as the day progressed, the upward move kept accelerating to recoup all previous day’s losses. Eventually, Nifty ended the session tad below 17200 with over one and half a percent gains. Tuesday’s smart recovery was followed by a decent bump up at the opening on Wednesday and cheerful mood across the globe provided impetus for this head start. This gap up might have caught so many overnight traders on the wrong foot and hence, there was a complete gush seen in the initial hour to cover shorts. As a result, all key indices extended their relief rally and remained steady post the RBI monetary policy, which turned out to be a non-event.In last couple of sessions, our markets have witnessed a remarkable recovery from sub-17000 territory. This positivity was carried over Thursday at the start as we witnessed a gap up opening with a small margin above 17500. However, in the initial hour, we witnessed a strong bout of profit booking to not only erase opening gains but also went on to slide below 17400. Fortunately the initial nerves settled down immediately which resulted in a complete recovery during the remaining part of the day to conclude the weekly expiry on a positive note tad above the 17500 mark. Indian market traded with cuts to close flat following weak sentiments in the global market as the market awaits the release of Indian and US November inflation numbers.  market ended on flat note in the highly volatile session on 10 dec 2021 friday. At close, the Sensex was down 20 points at 58786, and the Nifty was down 5 points at 17511.

NIFTY: A STRONG SUPPORT WILL BE @ 16800; STRONG RESISTANCE LEVEL SEEN @ 17800

If we take a glance at the overall price movement in last 7 – 8 sessions, markets has been gyrating in a slightly wider range where both ends got tested with immense volatility. So market has decided to take some breather after nearing the cluster of resistance i.e. 17500 – 17600 – 17700.  For the coming session, 17200 followed by 17000 are to be seen as immediate supports.

TECHNICALLY SPEAKING

Overall this week our market managed to close in the positive terrain; but it was certainly a challenging week for both counterparties. Market was clearly unsure of its direction for the most part of the week. If we look at it from a technical point of view, market is respecting the levels precisely. At the beginning, the Nifty started rebounding after reaching the price target of ‘Head and Shoulder’ pattern of 16800 and on Friday, it became nervous after nearing a stiff resistance zone of 17500 – 17600. Direction wise, we continue to remain cautious and there is no doubt we are still in a ‘Sell on rise’ kind of market. This view will remain intact as long as Nifty does not surpass 17900 which is the confluence point of two key trend lines. Also sooner or later we expect the recent low around 16800 is to be breached soon; but it will happen immediately or after some more consolidation in the range of 16800 – 17500; we need to assess the situation in the coming week. Meanwhile, traders can continue with a stock specific approach and we may see trades on both sides if Nifty remains in a consolidation mode. But it would be a prudent strategy to keep booking timely profits and considering the volatile nature of global markets, carrying aggressive bets overnight should be strictly avoided. As far as levels are concerned, 17350 – 17500 – 17600 are to be considered as immediate hurdles; whereas on the flipside, 17000 – 16800 should be treated as a cluster of support.

NIFTY & BANKNIFTY OUTLOOK FOR 10 DEC 2021

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The positive batten from last two trading sessions’ passed on to 9 December 2021 trade but digging deeper Nifty wobbled and traded choppy. There was some sense of discomfort whenever Nifty swigged higher a sense of discord was clearly seen amongst investors’ camp. At close, the Sensex was up 157 points at 58807, and the Nifty was up 47 points at 17516. Technically, the Omicron covid virus will lose its punch if Nifty scales above 17600 mark. Despite witnessing a choppy trading session, the markets maintained their positive momentum as investors put money in the beaten down stocks. After the post morning selloff, the Nifty took the support near 17400 and reversed sharply to hover between 17420- 17530 levels. On daily charts, the index has formed a Hammer candlestick formation which indicates indecisiveness between bulls and bears. The short-term formation is still on the bullish side but before any fresh breakout, the market may consolidate within the range of 17350 to 17575.Expect an up-and-down session in tomorrow’s trade with all bullish eyes on Nifty’s major hurdles at 17600 mark. Please note, confirmation of strength only on any close above 17600 mark.

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Resistance: 17550, 17650, 17750

Support: 17450, 17350, 17250

NIFTY & BANKNIFTY OUTLOOK FOR 09 DEC 2021

Market continued its upward journey on the second consecutive day on 8 December 2021 with Nifty and Sensex hovering near day’s high. The Nifty reclaimed 17450 levels. Among sectors, all the key indices were trading with a positive momentum. The European markets are trading flat today. RBI keeps accommodative stance with interest rate unchanged at 4% and reverse repo rate at 3.35% and will maintain this stance as long as necessary to revive and sustain growth which gives a clear signal that RBI is giving a strong & durable support to the economy without downsizing any support which will be beneficial for the equity markets as well. The Nifty settled at 17469 levels with 1.7% gains while the Bank Nifty increased by 1.75% to close at 37285 levels. 

Hence, the markets have given a stellar run up today giving thumbs up to RBI's comments today. Despite record equity selling by FIIs, RBI has done well to defend the currency and made sure that imported inflation is under check. Immediate support and resistance for Nifty is 17300 and 17600 and for Bank Nifty is 37000 and 37700.

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Resistance: 17550, 17650, 17750

Support: 17450, 17350, 17250

NIFTY OUTLOOK FOR RBI CREDIT POLICY ON 8 DEC 2021

On Wednesday 8 Dec 2021 markets opened on positive note, ahead of the outcome of the RBI's scheduled policy meeting, wherein the key benchmark rates are expected to remain unchanged amid uncertainties over new coronavirus variant Omicron. The Nifty is again close to the resistance zone of 17475-17550. If we are successful in closing past it, the Nifty can scale higher to 17600-17800. The current support lies at 17200 and if we break that, the markets could fall all the way down to 17000-16800.

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NIFTY & BANKNIFTY OUTLOOK FOR 08 DEC 2021

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After a gap-up opening on Tuesday, the nifty continued the upward move throughout the day and gained more than 1.58% to close at 17176 levels. While Banknifty closed the session at 36618 with a gain of 882 points. On an hourly chart, the index has taken support from the rising trendline and closed above the same, which adds strength to the counter. On four hourly charts, the index has formed a doji kind of candle, which suggests indecision between buyer and sellers. Moreover, an Hourly Momentum indicator MACD was trading with a positive crossover, which suggests the bullish movement is intact.  At present, the nifty has support at 16950 levels while resistance comes at 17250 levels, crossing above the same can show 17350-17500 levels. On the other hand, Bank Nifty has support at 36000 levels while resistance at 36900 levels.

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Resistance: 17450, 17300, 17350

Support: 17200, 17150, 17100

NIFTY & BANKNIFTY OUTLOOK FOR 07 DEC 2021

Markets plunged sharply lower and lost over one and a half percent on Monday 6 December 2021 , in continuation to Friday’s fall. After the flat start, weak global cues and updates on the new COVID variant started weighing on the sentiment as the day progressed. Consequently, the Nifty ended near day’s low to close at 16912 levels. The sectoral indices traded in tandem and mostly ended in the red wherein IT, auto, FMCG and pharma were among the top losers. The rise in COVID cases has again started haunting the global markets and the situation may deteriorate further in near future. Besides, the upcoming MPC’s policy review outcome and macroeconomic data (IIP and CPI inflation) would keep the volatility high. Keeping in mind the scenario, we reiterate a cautious stance and suggest continuing with a hedged approach. Nifty is continuing its corrections after a minor pullback where it has again slipped below its 100-DMA. The selling can be attributed to rising cases of omicron variant in India along with other countries whereas FIIs are also continuing to hold their hand on the sell button. There was a sharp selling on Tech stocks in the USA in Friday's trading session and the same was replicated in our market where the Nifty IT index ended with a cut of 2.7%, however there was broad-based selling because there was no sectorial index that ended on a positive note. The market may continue to remain volatile amid news flow related to the omicron variant.
Technically, 16850-16750 is a critical support zone for the Nifty where we can expect a bounce back while below this zone, 16500 will be the next important support level. On the upside, 17000 will act as an immediate intraday resistance for tomorrow while 100-DMA of 17175 will be the next hurdle; above 100-DMA, we can expect a short covering move towards the 17250-17350 zone. Bank Nifty still manages to close above its 200-DMA that is currently placed at 35725 level. If it starts to trade below this level then we can expect further weakness towards the 35000 level otherwise it may witness a bounceback. On the upside, 36400 will be immediate and intraday resistance while 36600/36800 will be the next resistance levels.

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Resistance: 17250, 17350, 17450

Support: 16950, 16850, 16750

NIFTY & BANKNIFTY FUTURE 06 DEC 2021

After Wednesday & Thursday of a relief rally, selling resumed on Friday as mixed cues in other Asian markets weighed on sentiment that prompted investors to trim their holdings in auto, FMCG and IT stocks. While Nifty corrected sharply, it finally took support near 16800. In an extremely volatile week, the Nifty succeeded to close above the 100 day SMA which is broadly positive. However, on the dismissal of 17150, the market could again enter in the short term bearish zone and below the same, the index could gradually fall to 16900/16750 levels. Based on the daily chart the market is forming the series of a lower top lower bottom. In case the market breaks 16800 then it would have major implications and in that case the possibility of the index hitting 16500 would turn bright. Meanwhile, on daily charts, the Bank Nifty maintained a lower top formation which is largely negative. Now, 35600 or 200 day SMA would be the key support level.  And the texture of the chart suggests a strong possibility of axquick pullback rally if it succeeds to trade above 35600.

NIFTY PREDICTION FOR NEXT WEEK 6 DEC TO 10 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY

After Friday’s mayhem, the global markets looked in a recovery mode and in line with this, the SGX Nifty too indicated a decent gap up by nearly 100 points. Our markets shrugged off this positivity and decided to start the week with nominal gains. In fact after this, we had a small bout of dramatic trades in our markets. During first 10 minutes, Nifty tanked nearly 300 points and immediately in next 10 mins, all losses just disappeared. After this, there was no major activity seen in key indices as they remained in a tight range to conclude the session around the opening levels. We had a muted start for the Tuesday in the absence of any major trigger on the global as well as domestic front. Immediately, the bulls geared up to lift market higher in the initial trades. Within first one and a half hour of the session, Nifty was back to 17300 with handsome gains. However, the global peers became nervous all of a sudden which resulted in a complete nosedive in our markets too. Within no time, it not only erased all gains but also managed to send Nifty slightly below the 17000 mark. This was followed by some consolidation with mild recovery; but once again the tail end correction poured complete water on this attempt to conclude the session below 17000 for the first time after August 30, 2021. Tuesday’s tail end correction was followed by a decent gap up opening in our market on Wednesday; courtesy to some cooling off in global market. The lead extended in the initial trade to hasten towards the 17200 mark. However after this Nifty remained in a band of nearly 100-120 points as we saw Nifty testing both ends (lower as well as higher) on a couple of occasions. Eventually, it ended in favour of the bulls as Nifty concluded the session above 17150 by adding more than a percent gains. Thursday Market ended higher for the second consecutive session on 2 December 2021 with Sensex gaining more than 700 points. At close, the Sensex was up 776 points at 58461, and the Nifty was up 234 points at 17401. Bulls held the upper hand today as Indices sprinted over a percentage led by the IT Index during afternoon trade. As the volatility index cooled off today, we witnessed stock-specific action across sectors in the broader markets buoyed by GDP & GST data together with cooling Energy prices. Advance - Declines showed a marked improvement today with most of the sectoral indices ending in the green. On Friday market broke the two-day winning streak and ended lower with Sensex closing below 58000 mark. At Close, the Sensex was down 764 points at 57696, and the Nifty was down 205 points at 17196.

NIFTY: A STRONG SUPPORT WILL BE @ 16800; STRONG RESISTANCE LEVEL SEEN @ 17500

Levels of 16800 and 17700  may act as an important support and resistance respectively. We can expect it to trade in the range of 17100-17500. Technical indicators also support positivity in the market.

TECHNICALLY SPEAKING

The index is currently trading within its resistance zone of 17100-17350. It would need to cross this level for a positive short term trend to emerge. Once that happens we could expect higher levels of 17600-17800. Until that does not happen, the bias continues to remain on the sell-side and traders should be watchful and cautious. If the market turns from here and breaks 17000, we would revisit the recent lows. Key point to highlight is that once again buying demand emerged after 10% correction. Thereby, maintaining the rhythm of not correcting for more than 9- 10% since May 2020, indicating structural bull trend is intact. Going ahead, we expect index to resolve higher and head towards 17600 as it is confluence of 50 days EMA coincided with 50% retracement of current decline (18210-16782). Nifty heading towards 17500 – 17700; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17200– 17000 are to be seen as weekly supports.

NIFTY PREDICTION & TRADING TIPS FOR 2 DEC 2021

After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today. Benchmark indices ended higher on December 1 with Nifty above 17100 supported by the IT, auto, metal and financial names. At close, the Sensex was up 619 points at 57684, and the Nifty was up 183 points at 17166.

NIFTY PREDICTION & TRADING TIPS FOR 1 DEC 2021

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Markets traded volatile and lost nearly half a percent citing mixed global cues. The benchmark opened firm and inched further higher in the first hour but prevailing uncertainty around the new COVID variant trimmed all the gains and pushed the index lower as the day progressed. Eventually, Nifty settled around the day’s low to close at 16983 levels. Among the sectors, consumer durables, IT and realty were the top gainers whereas metal, telecom and banking ended with losses. Amid all, the broader markets outperformed wherein midcap and smallcap ended higher by 0.4% and 1.4% respectively. Markets will first react to the GDP numbers in early trades on Wednesday and the auto sales will also start pouring in from December 1. Needless to say, the excessive news flow around the new COVID variant would keep the volatility high. Keeping in mind the scenario, it’s prudent to continue with hedged positions until the markets stabilize. 

NIFTY PREDICTION & TRADING TIPS FOR 30 NOV 2021

Indian markets ended in the green today in tandem with a similar recovery in other markets as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stock markets and oil prices to recover At close, Sensex gained 153 points to end at 57260; Nifty rose 14 points to 17040. Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks, amid lingering worries over the emergence of the new covid variant. Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery.  However, the global market has factored well the near-term uncertainty limiting further downside. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signaling an end to the low tariff regime.

We expect choppiness to remain high citing the prevailing uncertainty around the new COVID variant. Besides, on the domestic front, macroeconomic data like GDP numbers, core sector data and auto sales figures will further add to the volatility. We reiterate our cautious stance and suggest preferring hedged positions. Nifty closed the Monday at 17054 with minimal gains and formed a Doji candle pattern on the daily chart which represents indecision in the markets. Immediate support for Nifty is coming near 16950-16850 zone and on the higher side index has stiff hurdle around 17175-17250 zone, also one can look for trimming their longs around mentioned resistance zone. Overall strength will come only above 17300 zone & until trading below 17300 levels, we may see sell on rise structure intact.

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Resistance: 17175, 17250, 17300

Support: 16950, 16850, 16750

NIFTY PREDICTION FOR NEXT WEEK 29 NOV TO 3 DEC 2021

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WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY

The SGX Nifty was indicating a pleasant start for the week in line with cheerful global bourses. However we did not open with the same positivity and in fact gave up all gains in the initial trades itself. As the day progressed, the selling augmented across the broader market to break all intermediate supports one after another. During the final hour, market managed to minimize the damage; but still ended the session with nearly a couple of percent loss. After Monday’s sell off, our market started the day on a weak note as indicated by the SGX Nifty early in the morning. Things looked extremely bleak in the opening trades but fortunately the bears chose to take some breather after nearing the support zone of 17250 – 17200. In fact, as the day progressed, the overall recovery in the market gained some momentum to reclaim the 17500 mark. Tuesday’s smart recovery was followed by a decent opening on Wednesday in line with favorable global cues. After the initial tentativeness, market stabilized and went into a consolidation mode. We slowly and very gradually moved towards the 17600 mark around the mid-session. However all of a sudden market started to feel some heat as we witnessed strong selling pressure across the board to pull the Nifty back to 17400 in a flash, in fact for a moment we even slid towards 17350. Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Nervousness on the new variant of Corona virus and expectations of US increasing the pace of tapering has led to recent market weakness. This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely. Benchmark indices were trading lower in the final hour of trading on November 26 with Nifty gave up the 17000 mark on Friday as the 50-stock index hit a low of 16985 before registering a small pullback.

NIFTY: A STRONG SUPPORT WILL BE @ 16500; STRONG RESISTANCE LEVEL SEEN @ 17500

Today’s pullback after the early scare in the first half, and the inability to push beyond 17200 in the second half, despite several and strong up waves, confirms that consolidation is in play, rather than a directional move. Favored view expects the same to continue in next week, without requiring to take a call on the chances of either 18k or 16k for now. During the next week, it would be critical for Nifty to float above 17450 to maintain potential for a 17500-800 move. Inability to do so could clear path for 16800.

TECHNICALLY SPEAKING

The lack of faster retracement of the last decline signifies weak pullback that makes us believe retest of recent low of 16985 cannot be ruled out. Over past 3 sessions index has retraced 38% of preceding four sessions decline (17200-16985). Since April 2020, there have been three major corrections (shown in adjoining chart) which measured average 10%. Buying in each of three corrections provided handsome returns for investors as index eventually scaled back to new highs. In current scenario, as Nifty has already corrected 8% from life highs of 18600 amid oversold placement of weekly stochastic (currently placed at 21), we expect markets to maintain this rhythm of arresting corrections within 9%. Thus, we expect Nifty to find strong buying demand in 16800-16500 zone. One should continue with a sell on rise strategy. Although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 16800 on Monday itself. Yes sooner or later it is likely to be breached to see Nifty retesting the 16000 mark. Before this, 16500 is to be considered as an intraday support.

HOW WILL BE NIFTY ON 1ST DAY OF DECEMBER F&O SERIES 2021 ??

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Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Reliance Industries, Divis Labs, Infosys, ITC and Tech Mahindra were among major gainers on the Nifty, while losers were Britannia Industries, IOC, IndusInd Bank, Maruti Suzuki and ICICI Bank. Among sectors, oil & gas, realty, pharma indices rose 1% each, however, some selling was seen in auto and banking names. 

On the last day of November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries. Technically, Nifty has formed a strong bullish candle and at the same time it is consistently taking support between 17350 to 17300 levels. We are of the view that the intraday support has now shifted to 17400 from 17300 and as long as it’s trading above 17500 the uptrend wave will persist up to 17580-17650. On the flip side, below 17475, the uptrend would be vulnerable.

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Resistance: 17600, 17650, 17700

Support: 17500, 17450, 17400

NIFTY PREDICTION FOR TOMORROW 25 NOV 2021

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Markets resumed the corrective phase after a day of pause and lost half a percent. The move was lackluster for most of the session and the benchmark hovered in a narrow range amid mixed cues. However, selling pressure in the last one and a half hours dragged the index to the day’s low. Market witnessed a highly volatile session on Wednesday 24 November 2021 with Nifty closed below 17500 dragged by Auto, IT, FMCG stocks. Sensex was down by 323 points and closed at 58340 and Nifty was down by 88 points and closed at 17415. Amid all, sectoral indices traded mixed wherein IT, auto and FMCG ended lower while media, finance and PSU banks were on the positive side. The news of the COVID situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. 

While Nifty failed to surpass the 17600 resistance level, the index has formed a bearish candle along with lower top formation.  Ahead of the monthly F&O November series expiry the market is likely to trade within the range of 17350 to 17525. Below 17350, the uptrend would be vulnerable. On the technical front, immediate support and resistance in Nifty are 17325 and 17625 respectively. For Bank Nifty support and resistance are 36850 and 37650 respectively. At the same time, the scheduled monthly expiry on 25 November 2021 would keep the traders busy on tomorrow. We suggest continuing with negative bias in nifty while keeping a check on leveraged positions. Nifty has next major support around 17200 zone.

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Resistance: 17600, 17800, 18000

Support: 17400, 17200, 17000

NIFTY OUTLOOK FOR 24 NOV 2021

Pre-open session indicates decent opening gains for benchmark indices. The S&P BSE Sensex was at 58,836 levels, up 171 points at 9:07 AM while the Nifty50 eked out 46-point gain and was at 17,550.

Markets in morning session will be marginally positive.

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Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400

NIFTY OUTLOOK FOR 23 NOV 2021

At close, the Sensex was down 1,170.12 points, at 58,465.89, and the Nifty was down 348 points,at 17,416.50.All the sectoral indices ended in the red, with Nifty Bank, auto, energy and PSU bank indices down 2-4 percent.

Technical View

The Nifty formed a big bearish candle on the daily scale and formed lower highs-lower lows from the fourth straight session.If the Nifty remains below 17,500, weakness could continue towards 17,250 and 17,000, whereas upside hurdles exist at 17,650 and 17,777,.The short-term trend has been disrupted. If the momentum continues, the index can slide to 16,850. 

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Resistance: 17600, 17700, 17800

Support: 17500, 17400, 17300

F&O expiry: Nifty to trade in (18200-17700) IN WEEK (22-26 NOV 2021)

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Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors. Over the last few weeks, the Nifty has been stuck in a range . On the daily chart  the Nifty has once again moved below the 20-day SMA on Tuesday. In the process, the Nifty has corrected and broken its recent supports, implying the short-term bias is weak. The Nifty is likely to drift down further towards the next major supports of 17,905-17,798 in the very near term. Any pullback rallies could find resistance at 18,133. Index closed the week at 17,746 with loss of nearly two per cent and formed a bearish candle on weekly chart hinting weakness in the markets. Now next good support for the market is coming near 17,600 zone. If managed to hold above-said levels, one can expect a good pull back in the index again towards 18,000 mark but if failed to hold then we may see more drag down in Nifty towards 17300-17000 mark, the immediate hurdle is coming near 17830-17940 zone where one can again lock their gains in longs. The strategy which we are suggesting for the weekly expiry  is a Bearish strategyIn the week gone by, BSE Sensex fell 1,111to close at 59,575, while the Nifty50 rose 337 points  to close at 17,764 levels.

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Resistance: 18000, 18100, 18200

Support: 17950, 17850, 17750