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The next important key resistances are placed at 13606 levels, which could offer for the market on the higher side. Sustainability above this zone would signal open the door for a directional up move with immediate resistances seen at 13636 -13676 levels. Immediate support is placed at 13434 – 13404 levels.
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Dear Trader…
After the record-break rally in Indian stock markets took a break on sell-off PSU banks, metal, technology, consumers, cement, small and midcaps, which were so positive recently, were also under bear attack and volatility would remain high owing to weekly derivative expiry,
European indices are trading positive ahead of the monetary policy announcement by the European Central Bank and the UK and EU setting December 13 deadline to finalize the Brexit deal and stimulus negotiations in the US.
With emerging markets like India expecting higher returns, In November this year, the Indian equity market saw an estimated over Rs 65317 crore in purchases by foreign institutional investors and a net purchase of over Rs 22732 crore so far in December.
On the one hand, FIIs are buying heavily while on the other hand, domestic institutional investors are selling. The spread of the corona virus has led to economic woes in countries around the world whose central banks have taken liquidity-boosting measures to boost the economy, which foreign institutional investors are taking advantage of to invest in asset classes such as equities.
Trade sentiment remained cautious with private report stated that the public health crisis due to the COVID-19 pandemic has emerged as the top threat for Indian corporate, while cyber attacks and data frauds loom equally large. Some anxiety also came with former Deputy Governor of RBI Viral Acharya’s statement that revising up inflation bands for the central bank will hurt the poor. He also said India has to devise ways of pushing up growth in a structural manner and not by ‘pump-priming’ measures like easy credit and easy liquidity.
Markets are overheated now, and therefore, it’s vital to exercise caution. Picking up the right stock at a fair price should be the focus, instead of buying stocks with lower valuations with no change in a company's fundamentals.
Greed to make quick bucks should be tamed, and the emphasis should be on looking at the bigger picture encompassing your financial goals and risk appetite, among others. Avoid relying on emotions and getting carried away in the rally.
Markets are largely mirroring global cues but the benchmark looks slightly overbought so the possibility of consolidation in the near term cannot be ruled out and it would be healthy for markets.
We still maintain our stance that the trend is volatile and pullback rally is in offing and selling may emerge. Hence trader needs to be cautious at current level and book partial profit in the existing trades and keep trailing stop losses on every rise. For fresh buying, traders should maintain extra caution on the selection of stocks and maintain a “buy on dips” approach.
The next important key resistances are placed at 13606 levels, which could offer for the market on the higher side. Sustainability above this zone would signal open the door for a directional up move with immediate resistances seen at 13636 -13676 levels. Immediate support is placed at 13434 – 13404 levels.
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Nifty Future has resistance at 13547 – 13560 Point; above which other resistance levels are at 13588 – 13606 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 13488 – 13460 Point; below13460 Point, other support levels are at 13434 – 13404 Point.
I am positive for the next bullish trend only above @ 13606 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now.
If Nifty Future crosses @ 13606 Point, again then the upper side target is quite high and it may touch @ 13636 Point in the short term.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
Bank Nifty Future has resistance at 30676 – 30737 Point; above which other resistance levels are at 30808 – 30888 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 30533 – 30474 Point; below30474 Point, other support levels are at 30373 – 30303 Point.
I am positive for the next bullish trend only above @ 30888 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now
If Bank Nifty Future crosses @ 30888 Point, again then the upper side target is quite high and it may touch @ 31009 Point in the short term
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
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