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Nifty has traded within 90 points range and formed a Doji kind of pattern on the daily chart, indicating indecisiveness among bulls and bears about the future market trends, and making higher highs and higher lows for the third consecutive session.

Weekly Chart, There was a Bullish Engulfing pattern formation as the index gained more than 1 percent after consolidation in the previous week, and also there was a higher highs formation for the sixth week in a row.

Nifty opened higher at 18528 and traded within a range of 18535/18445 before having a highest ever close at 18512 with 29 points gains.

Nifty managed to extend its northward journey and gave a fresh record closing above the 18500 mark on the first day of the December series. Auto, technology, pharma and oil & gas stocks supported the market, whereas select banking & financial services, and FMCG stocks were under pressure.

Markets ended flat in a sluggish trading session, as investors stayed on the sidelines due to lack of cues from the US markets, which was shut on Thursday.

While most of the Asian gauges ended in the red, local benchmarks managed to eke out modest gains amid thin volumes. Markets may react sharply on Monday taking cues from the overnight US markets close on Friday.

After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is a positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising COVID restrictions in China continue to negatively impact the global growth forecast.

Daily chart, Nifty has reached the rising trend line found by joining the preceding peaks. Momentum indicator has reached the falling trendline on the daily timeframe. Based on the price chart and momentum indicator setup, we can infer that the index is on the verge of strong directional movement over the short term.

Now the rule of polarity will be applied in Nifty where prior resistance will act as an immediate support for the market. Momentum oscillator RSI (14) on the daily chart has formed a bullish hidden divergence 55/60 level and post that index started to move higher with further strength.

Support for the index is placed near 18250 and any move below the same will extend the fall till 18100 level. Similarly on the higher side 18650 will be the immediate resistance and followed by 18800 levels.

Markets took a breather after Thursday’s surge and ended almost on a flat note. Nifty index opened marginally lower and oscillated in a narrow range till the end to close at 18512 level. Meanwhile, selective buying in the index majors from across sectors combined with a recovery in the broader pack kept the participants busy.

Benchmark at a record high, improvement in the broader participation would play a critical role in shaping the market trend. Besides, Performance of the global markets will continue to weigh on the sentiment. We recommend following the trend and focusing on identifying the themes which could unfold ahead along with the present leaders.

18500 is expected to be a crucial level for the Nifty and if it sustains it then 18600 is on the cards in coming sessions which ultimately can open the door for 18800/19000 level, with crucial support at 18300/18000 level.

On the sectoral front, selling is being witnessed in FMCG, IT and Banks.

Nifty & Bank Nifty Levels | 27th November 2022
LevelsNiftyBank Nifty
Prev. Close1851242983
S11843242634
S21835442376
S31827642118
S41817441860
R11860443338
R21868243594
R31876043856
R41884244108

Performance Sheet

F&O (Intraday) –
September22
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November-22

Positional Calls –
September22
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B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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