Technically nifty has a support at 18200 and then 17800 level Says Anuj Gupta, IIFL Securities
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Below is Weekly outlook Nifty and Banknifty by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week we saw the Indian equity market closed with positive bias coupled with life time high levels seen in sensex and banknifty. Last week sensex made a new high of 62404 levels, Bank nifty made a new high of 43339 levels, however nifty touched the high of 18,534 levels.
The trend of the Indian stock market is looking positive due to positive economic data as CPI came on a positive note. We are expecting that the market may trade positive further.
Technically nifty has a support at 18200 and then 17800 level, resistance at 18800 and then 19000 levels. We are recommending buy on a dips in nifty and expecting that it may test 18800 to 19000 levels very soon. Banknifty has support at 42800 to 42200 levels, resistance at 43800 to 44500 levels. Banknifty may test 43800 to 44000 levels very soon. We expect that Sensex may test 63000 levels very soon.
In november 2022 DIIs were in net buy positive of Rs 11358 Cr where DIIs were in net sell position of Rs 1588 cr. Last week the rupee was also closed on a flat note at 81.62 levels. Rupee has a support at 81.20 and resistance at 82.20 levels. It may trade with 82.00 to 82.20 levels.
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