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The next important key resistances are placed at 13474 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 13505 -13533 levels. Immediate support is placed at 13404 - 13373 levels.
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Dear Trader…
The gradual up move with consolidation movement continued in the market on Tuesday and Nifty managed to close on a green amidst a volatility. After opening on a slightly positive note, Nifty future slipped into intraday weakness in the early part of the session. A smart upside recovery has emerged from a day's low of 13222 and the upside recovery continued for the rest of the session. Nifty erased intraday loss completely and closed on a positive note at 13490.
The impact of the boom in US markets is also being felt in Asian markets today. Corona's vaccine development is expected to pick up in the Indian stock market as foreign funds see huge opportunities for economic growth in India, with positive reports on corona vaccine development and expectations of a rapid stabilization of the situation in 2021.
The calendar year 2020 is bidding farewell. No one had imagined such a thing this year. Corona has brought many changes around the world. Similarly, there are many surprises in Dalal Street. Before March, no one could have imagined a terrible crash and the Nifty would move closer to 7500. Similarly, no one imagined a V-shape recovery after March and the Sensex would reach close to 47,000 and the Nifty close to 14,000 by the end of the year.
Now there are cautious conversations about what will happen in 2021. France-based brokerage BNP Paribas has said it is overweight in the Indian market and expects the Sensex to reach 50,000 by December 2021. BNP Paribas said that while there is a view that the Indian stock market is moving ahead due to global liquidity, on the other hand, there are many investors who are making long-term investments saying that the economy has a bright future. In the coming calendar year, the market will be largely dependent on the corona vaccine. How much the earnings of corporate improve will also be important, Of course, now that the market has become overbought, it is advisable to book a profit on each boom as per personal advice.
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.
The next important key resistances are placed at 13474 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 13505 -13533 levels. Immediate support is placed at 13404 - 13373 levels.
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Ø INDEX MOVEMENT - 23.12.2020
Nifty Future has resistance at 13517 – 13533 Point; above which other resistance levels are at 13560 – 13575 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 13434 – 13404 Point; below13404 Point, other support levels are at 13373 – 13303 Point.
I am positive for the next bullish trend only above @ 13575 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 @ 13575 Point, again then the upper side target is quite high and it may touch @ 13606 Point in the short term...!!!
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Bank Nifty Future has resistance at 29733 – 29808 Point; above which other resistance levels are at 29888 – 29930 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 29606 – 29474 Point; below29474 Point, other support levels are at 29404 – 29330 Point.
I am positive for the next bullish trend only above @ 29930 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 @ 29930 Point, again then the upper side target is quite high and it may touch @ 30088 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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