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Daily Technical View on Nifty

* Nifty rose for the second consecutive month and added more than 4% to the upward journey, to close at 18758. Nifty PSU Bank and Metal indices outperformed the Nifty with huge margin with a gain of 15.6% and 11.3% respectively. Nifty Auto and pharma indices underperformed the Nifty with negative returns in the month of November. Nifty Midcap and Smallcap Indices underperformed the Nifty by limiting the gains to 1.93% and 2.99% respectively.

* In the Month of November, Nifty achieved new milestone by surpassing the previous all time high of 18604, registered in October 2021. It took 278 sessions for Nifty to register fresh all time high. Nifty 500 Index has also closed at new all time high.

* On the Weekly Chart, Nifty has broken out from the bullish “Inverted Head and Shoulder” pattern, which projects the healthy upside for Nifty in the Medium to long term

* Neck-Line Breakout of Inverted head and shoulder pattern came at 18100 levels, which now becomes the strong support for the Nifty in case of major correction.

* As far as short term support is concerned, previous swing high placed at 18442 is an important level to watch out for. Next Targets for Nifty are seen at 19274 and 19962, which happens to be the 78.6% and 100% Fibonacci extension levels, if we consider major swings seen in last 6 months.

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