Samvat 2079 Market Outlook By Motilal Oswal Financial
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Nifty index has been outperforming the Global market as DJIA is down by 16% on YTD compared to 1.5% gains of Nifty index on YTD basis. Indian market is holding well and any major decline led by Global volatility is being bought with outperformance nature.
Last Diwali (04th November 2021) Nifty was trading near to 17900 zones and we are slightly down as of now but good part is that in last few months Nifty corrected towards 15200 zones and that was bought smartly in spite of nervousness by the FIIs in Indian market.
We have seen negative reaction due to Geo-Political concern, depreciating Rupee and rising Dollar Index. Flow from SIP and DIIs continued the Bullish charm to take the index back to previous Diwali levels.
Index has remained wild and volatile in a broader range of 3000 points from 15183 to 18350 zones in the last 12 months and most of the time it has been hovering near 16500-17000 zones. Technically, Nifty is at the verge of breakout from a bigger Pole and Flag pattern on Monthly scale which started its structure from October 2021.
On weekly basis, it is forming a Rounding formation or a Cup & Handle pattern which has implication that buying is seen slowly and gradually from lower zones and now a decisive breakout is required to commence the next major bull leg of rally in the market. On immediate basis, any decline could be bought with major support of 16750-16950 zones while on positional basis a hold of 17777-18000 could open the further rally towards 18600-19000 zones.
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