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Nifty

Nifty 50 concluded the December series with great results. The series saw a gain of 1,650 points, making it the best F&O series for the index in 2023. With the exception of Adani Enterprises and UPL, 48 Nifty 50 members have produced positive returns this year.The Nifty Bank, which underperformed for the majority of the year, is now up almost 13% and is just 1,500 points shy of reaching the 50,000 mark.Nifty recorded fresh life high close near the 21800 zone as it holds itself above its 5 DEMA support level. The index has been forming consecutive narrow ranged bodies but continue to register a positive close above its previous days swing high level. Yesterday’s breakout above Wednesdays trading high with a rising gap formation clearly states the ongoing mood momentum of the market remain strong until the gap holds. In terms of indicators, both trend strength indicators are still in sync, and the RSI is showing a bullish crossover, which supports the momentum that is still building and will likely continue. Until a reversal formation occurs or the index records a consecutive closing below its swing support range of its prior day, it is best to hold onto longs using the trailing stop method below 21430 for leverage longs while 20980 remains the trend reversal level.

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