NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 20 DECEMBER 2022

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An unexpected bullish day in Dalal Street where short covering+value buying reigned supreme. With the exception of IT, all other industry indices ended in the green, with the auto and FMCG indices posting the largest gains. Markets got off to a strong start to the week, up nearly a percent after taking a breather from the recent slide. After the flat open, the Nifty index gradually rose thanks to a rebound in select index majors across sectors. At the close, the Sensex was up 468 points to 61806 and the Nifty was up 151 points to 18420. After a minor dip over the past week, the Nifty reached the intersection of the 40 DEMA and the daily lower Bollinger Band. These two parameters together form an important support zone and the same can be observed this time as well. The channel study also shows that the index touched the bottom of the down-sloping channel that encompasses the recent decline from 18900. Of these several technical parameters, the Nifty took a leap on December 19th. Going forward, the Nifty is expected to test the upper channel line near 18650. On the downside, 18300-18200 will act as a key short-term support zone. A decisive close above 18,500 on Nifty could further fuel the recovery otherwise profit taking could resume. Bank Nifty bulls managed to hold down the 43k support and the index saw buying momentum throughout the day.  The index is stuck in a broad range between 43k and 44k and a break on either side will cause a trend move. The undertone within the range remains bullish and one should maintain a buy-on-dip approach around the mentioned support level. All eyes will be on the RBI MPC meeting minutes to be leaked on Wednesday 21st December. The Strait will be looking for clues to the RBI's inflation scenario and action plan in the coming months. Technically, the biggest hurdle for Nifty is only seen at 18900.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

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.

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 15 DECEMBER 2022

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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

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 14 DECEMBER 2022

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The bulls came back with a roar in today's session and it was indeed a super bullish day on Dalal Street, especially after two dismal sessions since Friday. Most importantly, the move higher came just a day ahead of the Fed's rate decision announcement. Dalal Street investors will prefer to remain on the sidelines as they eagerly await the FOMC outcome. Financials helped the Nifty rally by 100 points in today's trading as the PSU Bank Index staged another intelligent rally today, rising nearly 4%. A confluence of factors including positive tailwinds, ownership and investor interest was evident as the rally trickled down to smaller private sector banks as well. Indian benchmark indices closed higher on December 13 with Nifty around 18600 led by information technology stocks and PSU banks. At the close, the Sensex was up 402 points to 62533 and the Nifty was up 110 points to 18608. India's retail inflation fell sharply to 5.88%, which was within the RBI's tolerance band. However, the euphoria was partially offset by an unexpected drop in industrial production, which contracted by 4% in October.  The US inflation numbers, due ahead of the Fed announcement, will provide an indication of the Fed's monetary policy stance. Signs point to further recovery but much would depend on how the US market reacts to the inflation data.Markets were firm on short covering as retail inflation slipped to an 11-month low, raising hopes that the rate hike regime might be slowing and paused. Overnight gains in US markets also continued to support local market sentiment, which had slipped into range bound mode in recent sessions. 

The uptrend texture is likely to continue in the near term and 18750-18800 would be the next resistance zone for the bulls. On the other hand, another sell-off was not seen until after the 18500 release. Technically, the market not only reclaimed the 20-day SMA (simple moving average) level but also closed above it, which is broadly positive. The bullish candle on daily charts and a promising reversal formation are pointing to the continuation of an uptrend wave in the near future. The Bank Nifty Index continued to trend higher and closed at record levels. Momentum indicators are in the strong buy zone, which will help the index rally higher towards the 45,000 level in the near term. Lower support is visible at 43500 and if broken will lead to further correction towards 43200 level. . The Nifty is seeing a slight recovery within the near-term consolidation. On December 12th the index had taken support near 18350 and then the index made an intermediate bounce. On the way up, it has crossed a declining trend line but has stopped near the upper Bollinger Band on an hourly basis. Also, the daily chart shows that the index has moved up to retest the lower channel line after the recent channel dip. The overall structure shows that Nifty is likely to continue the short-term consolidation in the 18350-18600 range. Bank Nifty is a stone's throw from the short-term target of 43500, above which it can target 45000.

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 13 DECEMBER 2022

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A tepid start in the domestic market was offset by rebounds in banks, metals and oil & gas, while continued selling in IT stocks weighed on indices. Headline inflation numbers are expected to ease from the previous month on moderation in food prices. Global markets remained fragile as equity markets expanded as interest rate decisions by major central banks took center stage. Indices ended flat as Indian investors remained cautious earlier in the week and eyed the Fed's rate hike decision. IT stocks continued their slide amid negative global cues and recession fears. Finally, the Sensex fell 51 points to 62130 and the Nifty rose 0.60 points to 18497. Approximately 1787 stocks are up, 1688 stocks are down, and 194 stocks are flat. The FOMC is expected to begin its December policy meeting Tuesday through Wednesday. The majority are hoping for a 50 basis point hike instead of a fifth 75 basis point hike this fiscal year, but US inflation data, due out tomorrow, will provide further clarity on the outcome of interest rates.

After falling sharply in early trade, both benchmark indices recouped most of their losses but traded in a listless range for most of the trading session as investors braced ahead of inflation data and the Federal Reserve Board meeting stayed on the sidelines for most of the week . More clarity will come after the US Federal Reserve meeting, which would determine the trend in the short-term. The Nifty entered a short-term consolidation phase last week. As a result, nifty opened gapup to the downside on December 12. The bulls moved to offer support as the index neared near-term support at 18350, a 78.6% retracement of the recent move higher. On the other hand, recovery for the day around 18550 was limited. The overall structure shows that the Nifty may have a short-term consolidation in the 18250-18700 range. Bank Nifty, on the other hand, remains positive.

Resistance: 18550, 18700, 18850

Support: 18350, 18200, 18050

NIFTY BANKNIFTY WEEKLY OUTLOOK FOR 12 DECEMBER TO 16 DECEMBER 2022

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WEEKLY RESISTANCE FOR NIFTY: 18500, 18700, 18900

PIVOT POINT: 18300

WEEKLY SUPPORT FOR NIFTY:  18100, 17900, 17700

WEEKLY CHART FOR NIFTY

Our markets started the week flat as there were no global or domestic triggers. As the week progresses, major indices remain dormant. During RBI's midweek monetary policy, it appeared as if the governor was dampening sentiment; but the very next day, the banking sector proved its importance as we watched BANKNIFTY make new highs towards the end of the week. On Friday, December 9, 2022, the IT counters became a spoilsport by pulling Nifty below the 18500 mark. Luckily, the tail-end recovery pulled Nifty out of lower levels to convincingly defend 18400. Our markets started the week flat as there were no global or domestic triggers. As the week progresses, major indices remain dormant. During RBI's midweek monetary policy, it appeared as if the governor was dampening sentiment; but the very next day, the banking sector proved its importance as we watched BANKNIFTY make new highs towards the end of the week. On Friday, IT counters became a spoilsport by dragging Nifty below the 18500 mark. Luckily, the tail-end recovery pulled Nifty out of lower levels to convincingly defend 18400.   The Indian stock market started the week of December 5, 2022 on a muted note despite positive global developments over the weekend. The benchmark index slipped immediately after the opening bell, but the decline boded well for the bulls as they retaliated from the lows and staged a modest recovery in the market scored index. We have seen some reluctance in the index as follow-up buying from the big heavyweights has failed and the index has been a muted move throughout the day. After the rush, Nifty ended the day on a flat note with a mere 0.03%  gain and settled a little above the 18700 level. Weakness among global peers led to a tentative open in our stock market on December 6, 2022. The benchmark index Nifty50 started the day with a small gap in the red and has been range bound on the lower end throughout the session. Amid the lackluster session, the bulls staged a comeback in the penultimate hour, staging a modest recovery to erase some of the initial losses. The Nifty closed near the daily high, shedding nearly 0.30% and settling slightly below the 18650 level. Our domestic market collapsed on December 7, 2022 following the RBI Governor's announcement of the rate hike, which was broadly in line with market expectations. Benchmark index Nifty50 fell to the odd levels of 18560 in intraday trade and struggled throughout the trading session. The penultimate hour triggered a sell-off that dragged the index lower towards the sacrosanct 18500 support. After all the hustle, Nifty ended the day down 0.44% in red, settling just above the 18550 level. The Indian stock market started on a flat note on December 8, 2022, trailing the mixed global cues, with the benchmark Nifty50 index experiencing slight range-bound movement throughout the trading session. The index managed to hold its key support at the weekly decay, showing the resilience of the bulls who don't give up easily. Amid the intense tug of war, Nifty ended the day up a mere 0.26% and settled just above the 18600 level.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty Spot closed this week at 18496 versus a close of 18696 last week. The put-call ratio is down from 0.94 to 0.76 on a weekly basis. The annualized cost of carry is positive at 8.59%. Nifty futures open interest declined 1.91%. For short-term traders, the 20-day SMA (simple moving average) or 18450 would act as a sacrosanct support zone, above which we could expect a rally with a pullback to 18700. On the upside, further sell-off to 18300-18200 is possible below the 20-day SMA or 18450.

TECHNICALLY SPEAKING

Finally, the markets took a breather after the recent unrelenting run. The Nifty lost just over a% from week to week. With some heavyweights pressing the last day of the week, Nifty was on the brink of collapse; but luckily the bulls managed to defend their territory in the end. Now, looking at the daily timeframe chart, the Nifty is now sitting slightly above the key 20-day EMA support, which coincides with the previous swing high of 18450. Therefore, we remain bullish as long as 18400 18300 is not breached on a closing basis. Until then, any interim decline should be construed only as a profit booking before the uptrend resumes. On the other hand, 18650 18700 are the levels to pay attention to. The moment Nifty tops that, brace yourself for another 19000 milestone in the near future. Traders are advised not to get carried away by such small dips. Rather, it is better to focus more on thematic movements, especially from the broader end of the spectrum. The Nifty MIDCAP 50 Index has performed a precise pullback to its breakout point, so we won't be surprised if more opportunities arise in this area.

Future outlook

After the great move of the past few weeks we saw some consolidation on the last day of the week with some sharp profit taking pushing the index towards 18400. However, due to a rally in the last hour we ended the week slightly below 18500. During the week Nifty saw some profit booking; while the banking index outperformed and also added decent longs. The next accumulation of positions is visible in the 18400-18500 put strike, indicating near support for Nifty. On the upside, a decent stack of OI concentration is seen around 18600-18700 call strikes, suggesting medium resistance. The PCR-OI has fallen to 0.76, which means the market is approaching oversold territory. Stronger hand-turned net sellers this week and they also exited longs and added shorts causing the long short ratio to cool further to 58% from 66% on a weekly basis. However, the data point above does not indicate any sign of concern, so we would recommend traders to take advantage of intraday declines to add new long positions to the system.

Derivatives View

The Nifty Current Months futures contract closed at a premium of 87.05 versus a premium of 116.45 points from its spot the previous week. Next month futures are trading at a premium of 202.30 points. After the great move of the past few weeks we saw some consolidation on the last day of the week with some sharp profit taking pushing the index towards 18400. However, due to a rally in the last hour we ended the week slightly below 18500. During the week Nifty saw some profit booking; while the banking index outperformed and also added decent longs. The next accumulation of positions is visible in the 18400-18500 put strike, indicating near support for Nifty. On the upside, a decent stack of OI concentration is seen around 18600-18700 call strikes, suggesting medium resistance. The PCR-OI has fallen to 0.76, which means the market is approaching oversold territory. Stronger hand-turned net sellers this week and they also exited longs and added shorts causing the long short ratio to cool further to 58% from 66% on a weekly basis. However, the data point above does not indicate any sign of concern, so we would recommend traders to take advantage of intraday declines to add new long positions to the system.

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 9 DECEMBER 2022

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Indices clinched some gains on a late rise after remaining flat for most of the session. Negative global cues combined with talk of a possible recession are keeping investors on their toes. Most Asian markets remained under pressure on Thursday, with Tokyo plummeting and Shanghai finishing flat. Hong Kong hailed further easing of strict Covid policies and rose sharply in today's session. The European markets are in the red.The Indian benchmark started slightly positive and continued the trading day by remaining flat through Thursday 8 December 2022. Sensex added 160 points to close at 62570 while Nifty closed just above 18600 at 18609, up 50 points. 

Nifty had a lackluster trading session as the index showed no directional movement. For any meaningful directional move, Nifty needs to go decisively below 18550 or consistently above 18650 . Support below 18550 is fixed at 18500/18400. On the other hand, above 18650 resistance is visible at 18700-18800.
Resistance: 18700, 18800, 18900

Support: 18600, 18500, 18400

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 8 DECEMBER 2022

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Markets extended losses for a fourth straight day as investors dumped property and auto stocks on fears higher PMI issuance following RBI's repo rate hike could hurt demand. Markets traded lackluster for another session, losing over half a percent. After the initial surge, the Nifty index dropped inch by inch and settled in a narrow band until the end, finally settling at 18560. Unpredictable trading continued in local stock markets during the late afternoon session, After a 35 basis point hike in the repo rate to 6.25% by the Reserve Bank of India. The Reserve Bank forecast that inflation would fall below the 6% upper threshold by the March quarter of the current budget. Shaktikanta Das, Governor of the RBI, stated that the institution will pay Arjuna's attention to the changing inflation dynamics and will continue to deal with the price situation in a nimble and flexible manner. At the sector level, agribusiness remained in the spotlight after Reserve Bank Governor Shaktikanta Das said the industry was resilient and rabi planting was off to a good start. Due to the irregular rainfall, India expects kharif production to slow down. As Beijing declared it is drastically reducing its zero-COVID regulations and moving away from case-by-case isolation, all Asian markets are trading lower on the global front. Most trading in European markets was positive thanks to a rise in healthcare stocks. A mixed trend across sectors kept traders busy, with buying in the FMCG majors limiting the downside. The broader indices traded in sync with the benchmark, each losing nearly half a percent. Markets are beginning to drift lower but rotational buying on index majors across sectors is limiting the damage. Weak global cues may continue to exert pressure but we expect Nifty to hold the 18450-18550 zone. In the current scenario, traders should focus on trade management and favor sectors that show resilience for new buying. On the technical front, immediate support and resistance at Nifty 50 are 18500 and 18700 respectively. For Bank Nifty, immediate support and resistance lie at 43000 and 43500 respectively.

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 7 DECEMBER 2022

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Bears continued to push domestic indices lower amid unfavorable global cues, with significant selling in metals and IT stocks. Sentiment was dampened by renewed concerns about the Fed tightening in response to strong US economic data. However, while the easing of COVID restrictions in China benefited the demand outlook, fresh sanctions on Russian oil further increased volatility in global oil markets. Sentiment prevailed throughout the session as investors sold shares of interest rate sensitive stocks such as banks, auto and real estate stocks on the eve of the RBI's credit policy announcement. In the past, we have seen investors become cautious prior to an important event and book some profit to avoid being caught off guard. Markets traded lackluster, losing nearly half a percent, following weak global signals. After the gap-down start at close, the Sensex was down 208 points to 62626 and the Nifty was down 58 points to 18642. Currently, the market is trading near the 10-day SMA (simple moving average), which indicates a strong possibility of a trend reversal in the near future. If the rate hike comes in above street expectations, investors could hit the panic button, which could accelerate selling pressures. The FX market also saw frantic activity as the rupee broke through 82, fueling concern for foreign investors to reduce their positions in local stocks. For traders, 18750 would be the key level to watch as above that we could see a new uptrend rally to 18850-18900. On the downside, a fresh round of selling pressure is only possible after the move away from 18550 and below that the index could slip to 18,500-18450. Markets are digesting recent gains and it may be a few more sessions before the trend resumes. In the meantime, traders should focus on managing their positions and gradually adding quality names across sectors. The fall in Auto and IT majors offers a good opportunity for accumulation, while Pharma shows no signs of a reversal yet. The Bank Nifty Index posted slight gain bookings a day ahead of the key RBI policy event. The index is stuck in a broad range between 42700 and 43400 and a break on either side after the event will see some trend movement. The undertone remains bullish and if holding long positions the 42700 level should act as a strict stop loss. If the index breaks above 43400 it will see a sharp short covering move to the upside towards 44300-44600.

Resistance: 18700, 18800, 18900

Support: 18600, 18500, 18400

NIFTY BANKNIFTY & STOCK OUTLOOK FOR TUESDAY 6 DECEMBER 2022

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The markets started the week cautiously and ended almost unchanged. After the flat start, the Nifty Index oscillated in a narrow range and eventually settled at the 18,701 level. Meanwhile, a mixed trend on the sector front kept participants busy, with purchases of metal, banking and real estate space capping the downside. The market continued its profit booking trend from the record high as they exercised caution ahead of the RBI policy announcement on Dec 7th. Part of this was also due to the rise in crude oil prices due to OPEC's decision not to cut its production target and an easing of China's Covid policy. Domestic indices traded cautiously ahead of important events coming up this week. Nifty opened positive but soon drifted into the red and remained lackluster throughout the session to finally close flat at 18701. The market expects a rate hike of 35bps compared to 50bps in the previous three sessions in anticipation of a decline in inflation forecast. At the close the Sensex was down 33 points to 62834 and the Nifty was up 4 points to 18701. The momentum in mid and small cap companies is likely to continue in the future. The metals, banking and real estate sectors would continue to experience traction. Bank stocks will be in the spotlight ahead of RBI policy outcome. The reopening of China and the rise in metal prices would keep metals stocks momentum, while strong demand for real estate would keep real estate and building materials stocks buoyant. Even NBFCs could see action as payouts continue to remain healthy. Gold finance companies in particular will continue to be in the spotlight as the gold price surge to an 8-month high makes them a lucrative bet. We expect the market to consolidate over the next few days given Wednesday's RBI policy and Thursday's Gujarat election outcome. Tomorrow we could see a reaction based on data from today's Gujarat exit survey. We think 18650 could act as a sacrosanct zone of support for the market. If the index trades above it could retest 18850-18900 in the near future. On the downside, the index could slip below 18,600 to 18550-18450.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

NIFTY BANKNIFTY WEEKLY OUTLOOK FOR 5 DECEMBER TO 9 DECEMBER 2022

WEEKLY RESISTANCE FOR NIFTY: 18850, 18950, 19150

PIVOT POINT: 18750

WEEKLY SUPPORT FOR NIFTY:  18650, 18550, 18450

WEEKLY RESISTANCE FOR BANKNIFTY: 43500, 43800, 44200

PIVOT POINT: 43200

WEEKLY SUPPORT FOR BANKNIFTY:  43000, 42500, 42200

WEEKLY CHART FOR NIFTY BANKNIFTY

The week got off to a jittery start on November 28, 2022 due to global peers' cautious approach. Our markets also opened slightly in negative territory given the concerns surrounding COVID in China. After a brief pause, buying resumed as we entered the second half. However, due to some modest profit bookings towards the end, Nifty ended the session with a profit of over two tenths of 1%. Global markets continue to sulk on Tuesday, November 29, 2022; but even though SGX indicated a sluggish start, we shrugged off that negativity completely to start the session on a flat note. In the first few hours, buying in some of the heavyweight names intensified, pushing the index to new highs. We were about to hit another milestone of 18700, but suddenly traders got a little nervous. This resulted in a modest profit posting to cut some of the profits. Finally, Nifty records its highest value ever above the 18600 mark. We started Wednesday's session on November 30, 2022 on a modest note in the absence of global or domestic triggers. In the absence of any major heavyweight participation, we continued the consolidation phase in a small area.  However, at the flick of the penultimate hour, the buying momentum suddenly kicked in, which intensified in the last half hour of trading. With a complete gush across the board, the Nifty rushed toward another 18800 milestone before anyone could even realize it. The adjusted close was just above 18750, adding three quarters of 1% gain to the bull kitty. On Thursday, December 1, 2022, positive global clues led to a decent gap-up open to our domestic market, with the benchmark index Nifty50 continuing its journey north for the eighth straight trading session. The bulls are dominant as they convince the intraday dip to demonstrate resilience; however, some profit bookings were seen later in the session. The technical structure remains lively as Nifty is just about to make higher highs and on another positive close, Nifty settled to new highs of 18812 and raised 0.29%. On Friday 2 december 2022 Bears remained at the helm throughout the day as the benchmark index couldn't pare the morning loss. Domestic stocks came under pressure amid weak global signals, mixed auto sales in November and investors' cautious stance ahead of the release of monthly US payrolls data. Nifty ended its eight-day streak after staging a 4% rally. The index finally closed down 116 points at 18696 levels.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Markets have taken a breather from record highs. We've broken the 8-day winning streak. We've broken the 8-day winning streak. Today we have seen some correction, or we can say a slight correction, as both the Nifty and Bank Nifty indices traded at all-time highs. So the profit posting at the higher levels is undeniable. But that's not a major reversal; The upward trend will continue. It's just a small pause before the next up move as such. So, if you see declines or declines in both indexes, you should definitely use this as a buying opportunity on the declines. On the Nifty front 18,600 will act as an immediate support level from now on, if it breaks this level then we can probably see 100-150 points more correction that could take the Nifty close to 18,400. On the upside currently 18,800 is acting as a very strong resistance level. If it breaks above this level on a closing basis it is likely to definitely trigger an upside rally which could take the Nifty on the higher side towards 19,000-19150. So the outlook will remain bullish because we are only seeing a temporal correction, not a price correction as there is no major correction in stocks. It's just a small, mild correction that we're likely to see over the coming trading session or two. Yesterday it was Bank Nifty that gave the first hints of profit booking at the higher levels but looking at today's trend Bank Nifty is trading flat and we are not seeing any major corrections in bank stocks either. I believe this slight correction is likely to continue, but only up to 42500 -42200 will act as a very strong support zone. From there we are likely to see some sort of positive momentum again that could take Bank Nifty back towards 43200 and above 44500 very soon.

TECHNICALLY SPEAKING

After rising 4%, the market appears to have paused and is likely to consolidate over the next few days. However, the overall trend remains positive with Nifty heading towards the 19,000 zones. Next week markets will be guided by the RBI policy meeting from 5 December to 7 december 2022 and we expect them to moderate their stance on positive macro data and dovish comments from Jerome Powell. Investors would also be eagerly awaiting the outcome of the Gujarat state elections due next week. A result in favor of the BJP would help maintain momentum as it would mean stability and set the stage for elections in 2024. Other key data set for release next week are the OPEC meeting, US & India Service PMI, Europe Q3 GDP and US Unemployment Claims data. The two immediate triggers – the RBI's credit policy next week and the US Federal Reserve's mid-December meeting on the interest rate front – would set investor sentiment in the near term. Sentiment is likely to remain sideways in the near term with 18,500-18,800 being the key range. A decisive break out of one of the bands could trigger a clear directional move in the market. Nifty might face resistance in the 18800-18950 band, while the 18450-18550 band might offer near-term support.

NIFTY BANKNIFTY & STOCK OUTLOOK FOR THURSDAY 2 DECEMBER 2022

Indian equity benchmarks closed at record highs for a fifth consecutive day on Thursday, led by gains in heavyweights including Tata Consultancy Services, Infosys, HDFC Bank, Larsen & Toubro, Ultratech Cement and Tata Steel. The Sensex rose as much as 483 points to a record high of 63583 and the Nifty Index climbed as much as 129 points to an all-time high of 18887. Indian markets mirrored overnight gains in US markets after the Federal Reserve chief said the central bank may soon ease its aggressive pace of raising interest rates to tame inflation. The Sensex advanced 185 points to close at record high of 63284 and Nifty 50 index advanced 54 points to settle at an all-time high of 18812. After breaking record performances in early trade, the S&P BSE Sensex and Nifty 50 closed all-time highs on Thursday as gains in the IT, real estate and metals sectors pushed stocks higher. To close in NSE, the Nifty 50 was up 0.29% to hit a new all-time high, while the Sensex was up 0.29% to 110 in late trade. Hindalco Industries Ltd. added 2.82% or 12 points to end at 463 and UltraTech Cement Ltd was up 2.78% or 197 points to 7274 in late trade. Among the biggest losers was UPL Ltd which was down 1.37% or 10 points to trade at 778 in late trade. Eicher Motors Ltd. is down 1.35% or 47 points to 3437 and ICICI Bank Ltd is down 1.33% or 12 points to 940.  We could see some consolidation after the recent surge, but bullish global signals would keep the tone positive. Also, the improvement in broader market participation is an added convenience. Participants should continue on a positive bias and use a pause or dip as a buying opportunity. At the same time, one should not overdo it and largely stick to the index majors and quality mid-caps. On the technical front, immediate support and resistance in Nifty 50 are 18700 and 18900 respectively. Immediate support and resistance in Bank Nifty are 42800 and 43600 respectively.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

NIFTY BANKNIFTY & STOCK OUTLOOK FOR THURSDAY 1 DECEMBER 2022

Indian stocks were higher after the close on Wednesday, while gains in the Energy, Metals and Auto sectors propelled shares higher. At the close in NSE, the Nifty 50 gained 0.75% to hit a new all-time high, while the BSE Sensex 30 Index gained 0.67%. The biggest winners from the Nifty 50 session were Mahindra & Mahindra Ltd., which is up 3.86% or 48 points to trade at 1,305 at the close. Hindalco Industries Ltd. gained 3.38% or 14 points to end at 450 and Bajaj Auto Ltd was up 2.48% or 90 points to 3,750 in late trade . Among the biggest losers was IndusInd Bank Ltd. which was down 1.08% or 12 points to trade at 1167 in late trade. The State Bank of India fell 1.00% or 6 points to 602 and ITC Ltd fell 0.67% or 2 points to 340. RIL, TVS Motor Company and Infosys were the most traded contracts. Nifty December 2022 futures closed at 18,890, a premium of 131 points compared to the Nifty close of 18758 in the spot market. Turnover on the National Stock Exchanges Futures & Options (F&O) segment was Rs.157 lakhcrore compared to Rs.138 lakh crore reported in the previous session. In the cash market, the Nifty 50 index rose 140 points, to settle at 18758. The NSEs India VIX, a measure of market expectation Short-term volatility rose 1.41% to 13. Reliance Industries (RIL), TVS Motor Company and Infosys were the most traded single stock futures contracts in NSE's F&O segment. The December 2022 F&O contracts expire on December 29, 2022. Markets managed to continue the prevailing trend, gaining 1 %. After the initial surge, the Nifty index oscillated in a tight band for most of the session, but a sharp rise in index majors over the last half-hour helped the index clear the 18,700 hurdle and around the daily high of 18760.to close . Meanwhile, a mixed trend on the sector front kept participants busy, with metals, real estate and autos trading on the bullish side, while banks and IT continued to consolidate. The broader indices also participated in the movement, gaining between 0.7 and 1.3%. Rotational buying across sectors is fueling the recent rally while global markets fail to provide a clear signal. Now have my sights set on a new milestone of 18800-19000 on Nifty. Participants should keep a close eye on themes/sectors that are gaining momentum and place their bets accordingly.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 30 NOVEMBER 2022

Major stock indices ended Tuesday with decent gains, extending gains for the sixth trading session. The Sensex and the Nifty achieve record values. The Nifty closed above the 18,600 level. FMCG, metals and pharma stocks were in demand while real estate, auto and oil & gas stocks fell. According to preliminary closing data, the Sensex barometer index rose 177 points to 62681. The Nifty index rose 55 points to 18618. Both indices rose 2.5% in six sessions. The two benchmarks hit all-time intraday highs today at 18678 for the Nifty index and 62887 for Sensex. The ongoing domestic recovery is being supported by falling crude oil and commodity prices, which are boosting corporate earnings prospects. However, given the superior valuation, future medium-term performance is a cause for concern. Falling commodity costs, better GDP growth and lower inflation are helping to sustain the current outperformance. Global stocks were mostly higher on Tuesday as jitters eased over protests in China fueled by growing public anger over COVID-19 restrictions. The Hong Kong benchmark rose 5.2% and most other markets in Europe and Asia rose. US futures trended higher. Oil prices rose by more than $1 a barrel. As the winning streak continued and key benchmarks made new highs, investors acted with caution in a mildly volatile market. There are concerns over growing protests in China over the imposition of tough lockdowns, which markets fear could hurt an already slowing global economy. If the situation doesn't improve, it could impact the market. But with India in a slightly better position compared to other major economies, investors are willing to place big bets on us. Technically, the market is consistently showing higher highs and higher lows, which is broadly positive. Therefore, support has now shifted from 18600 to 18500. As long as the index trades above 18575 , the uptrend wave should continue. Above that, the market could rise to 18775-18850.

Resistance: 18750, 18850, 18950

Support: 18650, 18550, 18450

NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 29 NOVEMBER 2022

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Markets continued the prevailing trend and posted modest gains on mixed evidence. Weakness in global markets prompted a slow start, however the Nifty index recovered in no time and gradually rose over the course of the session. It eventually hit a new all-time high, but profit-taking in the last hour trimmed gains. As a result, 18,562.70 levels were closed; up 0.3%. Meanwhile, sector indices traded mixed, with energy and autos the biggest gainers, while metals, IT and banks traded mutedly. Benchmark indices closed positive after the Nifty 50 hit an all-time high of 18614 in cash markets. Sensex closed up +0.34% today. The Nifty opened a gap to the downside today only to attract buy support at lower levels. The index opened straight into the support zone of the main hourly moving averages, from where the index quickly recovered. It surpassed the all-time high of 18,604 and recorded a new high of 18,614.  Structurally, the index forms an upward extension. Therefore, the 18500-18400 zone will continue to act as a key area of ​​support. As long as the index stays above this zone, it can remain on the uptrend in the short-term. Subsequent targets on the upside will be 18680 and 18750. For trend-following traders, 18450-18300/62,200-62,000 would now be the untouchable support zones. Above that, the index could reach new all-time highs of 18625-18,650/62,750-63,000. On the upside, an uptrend below 18400/62,000 would be vulnerable. Below that, traders may prefer to exit long positions.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

NIFTY BANKNIFTY OUTLOOK FOR DECEMBER SERIES 2022

The Nifty Index is likely to trade in the 18000-18800 range for the first fortnight of the December series. We believes that 18000 could be the turning point for this month, only below which the trend turns negative while the upside potential in this series is around 17800-17500. With higher long positioning in the index futures, we believe Nifty's positional view would remain Buy on Dips until 18000-18200 is not broken down. Near-term support for the Nifty could lie near the 18400-183000 level. Similarly, the main support for Bank Nifty would be around 41700, the Banking Index for the first two weeks of the December series at 41700-43800. The highest monthly open interest for Nifty December options is 18,000 PE and 18800 CE. Nifty 19000 call open interest is around 30000 contracts and 18000 put open interest is around 35000 contracts.

NIFTY WEEKLY OUTLOOK OPTION CALL PUT TIPS FOR 28 NOVEMBER TO 3 DECEMBER 2022

WEEKLY RESISTANCE FOR NIFTY: 18725, 18850, 19000

PIVOT POINT: 18600

WEEKLY SUPPORT FOR NIFTY:  18525, 18420, 18200

WEEKLY CHART FOR NIFTY

Indian equity markets started the week on November 21, 2022 on a subdued note, taking inspiration from the gloomy Asian stock markets. The leading index Nifty slipped into the bullish gap right at the beginning of the opening bell and stayed in a narrow range in the lower area throughout. The bulls were reluctant to capitalize on the dip, with Nifty ending the day down 0.81%, just above the 18150 level Session on Tuesday, November 22, 2022 started on a flat note. Shortly thereafter, the bulls took the opportunity and rallied slightly in the index after observing narrow range-bound moves for most of the day. Amid the lackluster session, the bulls staged a comeback in the last half hour, snapping up the lost momentum of the past three days. The Nifty closed near the daily high, rallied nearly half a percent and settled slightly below the 18250 level. The Indian stock market got off to a promising start on Wednesday 23rd November with a decent gap up in the benchmark index but the bulls failed to capitalize on the initial gains and the index plunged to lower levels. The frenzy continued throughout the session as we witnessed an intense tug of war between bulls and bears. The sell-off at the end of the trail caused Nifty not only to pare initial gains, but also to slide into negative territory. After such a price move, the index finally closed the session near the daily low, slightly above the 18250 level, gaining just 0.13%. The positive global developments led to a firm start for our stock market on Thursday 24th November 2022 and the benchmark index gradually continued to rise as the session ended. The broad-based buying has lifted overall market sentiment, which certainly reflects the drive of D-Street bulls in favorable conditions. The Nifty50 Index finally closed the day at a 52-week high with gains of 1.19%, slightly below the 18500 level. Markets took a breather after Thursday's surge and closed on Friday 25th November 2022 , almost flat. The Nifty Index opened marginally lower and ranged until close to close at 18512.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Technically, the index has maintained its cycle of higher highs and higher lows, decisively breaking its previous swing high on the chart. At the same time, the strong bullish candlestick pattern and lively market participation on the expiry date suggest an encouraging sign for the market. On the level front, the 18200-18000 level is expected to cushion a slight decline from the ongoing upside. At the same time, the index is well positioned to recapture the lifetime high zone and break new ground in a comparable period. With the benchmark at a record high, an improvement in broader participation would play a crucial role in shaping the market trend. In addition, the development of the global markets will continue to weigh on sentiment. We recommend following the trend and focusing on identifying the themes that could evolve alongside current leaders.

TECHNICALLY SPEAKING

Markets ended flat in a sluggish trading session as investors stayed on the sidelines on a lack of clues from the US markets, which closed on Thursday. While most Asian gauges ended in the red, local benchmarks managed to post modest gains on thin volumes. Markets could react sharply on Monday if guided by overnight US market closes on Friday. The daily chart's Nifty50 is trading in a higher-high-higher-bottom formation and the extended upward movement in prices is suggesting a strong bullish trend. In the last few minor pullbacks, prices took support near their 21-day exponential moving average and thereafter an immediate recovery was seen. Now the polarity rule is applied in Nifty where previous resistance acts as instant support for the market. The momentum oscillator RSI (14) on the daily chart has formed a bullish hidden divergence between 55 and 60 levels, after which the index started to climb higher with further strength. Technically, support for the index is near 18200 and any move below this will extend the decline towards 18000. Similarly, on the higher side, 18700 will be the immediate resistance, followed by 18900 levels.

READ NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 25 NOVEMBER 2022

Nifty closed at its all-time high on Thursday November 24, while Sensex hit an all-time high. Overnight positive cues from the US led to this move higher. A late surge after 2:50 p.m. led Nifty to close 217 points higher at 18484. However, volumes at the NSE were subdued while the advance-decline ratio increased to 1.46:1. Nifty started higher and extended gains throughout the day.  Broad market indices underperformed. IT and oil & gas stocks did well on rotation buys. Global equities edged higher on the back of Federal Reserve minutes showing most policymakers expect to slow the pace of rate hikes. The BANKNIFTY bulls came back in full force, beating the bears out of the 42500-42900 resistance zone on the last day of the month. It has seen a fresh breakout on the daily chart that is pushing it higher towards the 43500 level in the near term. Lower support is now visible at 42200 which will act as a buffer for the bulls. Broader participation in the markets is resuming, which is helping it scale at the top end. We believe Indian markets are trading in a positive trend, supported by strong corporate earnings, easing supply constraints, falling commodity prices and strong demand across sectors. Investors should use any significant decline as a good opportunity to buy into these markets. On the technical front, immediate support and resistance for Nifty 50 are 18400 and 18600 respectively. Immediate support and resistance for Bank Nifty are 42200 and 43200 respectively. Nifty could now be heading towards an all-time high of 18625 while the 18300– 18400 range could provide support. The daily momentum indicator RSI remains in a positive crossover. Trend looks positive as long as it holds above 18400. Going forward, 18300 could provide immediate support. On the upper end, resistance is visible at 18700 , above which Nifty could continue to rise.

Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050 

READ NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 24 NOVEMBER 2022

Markets moved in a narrow range with sharp swings in intraday volatility ahead of the monthly F&O expiration. Traders mostly preferred to remain cautious ahead of the release of the FOMC minutes and the Fed's comments that would set the trend in the near term. Benchmark indices ended slightly positive with the Nifty 50 up +0.13% and Sensex up +0.15% today on mixed global signals. Some buying was seen in Oil & Gas and PSU banks, while selling pressure was seen in Metals and IT stocks. To finish, the Sensex was up 91 points to 61,510 and the Nifty was up 23 points to 18267. Global factors such as China's lockdowns in several of its cities and their impact on the global economy would continue to weigh on market sentiment.

Overall, we believe Indian markets are trading in a positive trend, supported by strong corporate earnings, easing supply constraints, falling commodity prices and strong demand across sectors. Investors should use any significant decline as a good opportunity to buy into these markets. Technically, the Nifty has formed a small bearish candle after the reversal pattern, which indicates indecisiveness between bulls and bears. For traders 18250 would be the immediate support level and above that the index could retest the 18300-18,400 level. On the downside, a break away from 18250 could accelerate selling pressures towards 18200-18000 levels.

Resistance: 18300, 18400, 18500

Support: 18200, 18100, 18000

READ NIFTY BANKNIFTY & STOCK OUTLOOK FOR WEDNESDAY 23 NOVEMBER 2022

Uncertainties surrounding tighter monetary policy in the US and rising COVID-19 cases in China weighed on our domestic indices. Against this backdrop, the benchmark index opened the day with modest gains, and in doing so, Nifty hit the lower end of the gap range that coincided with the 20-DMA and yesterday's low, showing buying interest, and ended the day with a gain of 0, 46% at 18244. The benchmark indices broke a three-day losing streak to finish in the green with the Nifty 50 closing +0.46% and Sensex +0.45% led by strong buying in PSU banks. Some selling pressure was seen in power and real estate stocks. IndusInd Bank and JSW Steel were the top gainers while BPCL and Nestle were the top losers in Nifty 50 today. The INR is also increasing after a 4-day continuous decline. To finish, the Sensex was up 274 points to 61418 and the Nifty was up 84 points, to 18,244.20. Approximately 1587 stocks are up, 1772 stocks are down, and 140 stocks are flat. Overall, we believe Indian markets are trading in a positive trend, supported by strong corporate earnings, easing supply constraints, falling commodity prices and strong demand across sectors. Investors should use any significant decline as a good opportunity to buy into these markets. Benchmark indices broke their three-day losing streak and ended higher with Nifty at 18225-18175 . On the technical front, immediate support and resistance at Nifty 50 are 18100 and 18500 respectively. Immediate support and resistance for Bank Nifty are 42000 and 42500 respectively. The Nifty has entered a short term consolidation and the overall structure shows that the consolidation will continue for the next 1-2 weeks. Within this consolidation, the Nifty is expected to see swings in both directions. In the last few sessions it had formed the first leg on the underside and was near the 20 DMA. Consequently, the Nifty rallied again today which may lead the Nifty to the hourly upper Bollinger Band which is near 18300. Over there, the index should start to see selling pressure again. Overall, short-term consolidation is expected in the 18100-18500 range.

Resistance: 18300, 18400, 18500

Support: 18200, 18100, 18000