Views on Nifty 50 for December, 2023 by Mr. Laxmikant Shukla, Yes Securities India Limited
Below the Views on Nifty 50 for December, 2023 by Mr. Laxmikant Shukla - Technical Research Analyst, Yes Securities India Limited
Support and resistance of Nifty 50 for December:
Appearance of doji candle near the psychological levels of 21,000-21,100 zone implies a possible enervation in recent strength. However, sustainability above 20,700-20,500 zone is critical to maintain the positive tone.
Sectors bullish on:
a) Nifty PSU banks- Cup and handle breakout is seen on weekly chart bringing an end to recent consolidation activity at top.
b) Nifty Financial Services- Ascending triangle breakout on weekly chart ensures shift of range on upside.
c) Nifty Midcap- Series of ascending tops and bottom remain intact on monthly chart
d) Nifty Consumer Durable - Pole and Flag breakout on weekly chart would provide much needed ammunition to ascend higher.
Sectors bearish on:
Nifty FMCG- Appearance of gravestone doji with bearish crossover in stochastic on weekly chart implying exhaustion in the recent up move.
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