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Published on 30/12/2019 9:30:52 AM | Source: Motilal Oswal Financial Services Ltd

Nifty index kick-started the January derivatives series on a positive note as it opened with upside gap - Motilal Oswal

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Nifty Outlook Daily

Nifty index kick-started the January derivatives series on a positive note as it opened with upside gap and continued to make higher highs throughout the session. Eventually, index concluded the session a tad below 12250 level and formed a positive candle on daily chart. However, we witnessed a Doji candle on weekly chart of Nifty. It moved within the territory of penultimate week’s range and thus formed an Inside Bar pattern on weekly chart, indicating indecisiveness among the market participants. Nifty breached Lower Highs – Lower Lows sequence of last three session and till the time, it sustains above its support of 12100, we maintain positive stance on market for an up move towards 12350 then 12400 zones.

 

Market Drivers

Indian equity index Nifty ended last week on a strong note due to supportive global cues and closed near 12250 zones. BankNifty relatively outperformed and gained 1% to close above 32250 zones. On broader front, buying action was visible in Midcap and Smallcap Indices and overall market breadth was in favour of the Bulls. On sectorial front, buying was seen in most of the indices i.e Auto, PSU banks, Energy and Metal counters. On global front, Wall Street and European indices ended on a mixed note while Asian indices trading on a flattish note. On domestic front, market likely to stay rangebound ahead of the year end while Auto numbers, macro data and FIIs flows likely to set the tone going ahead.

 

Nifty Chart

 

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