Market Outlook for 29 December 2023

Nifty started the December series expiry day on a positive note and continued to mark new record highs. It tested 21800 mark for the first time and ended just below it with gains of more than half a percent. 

Nifty Today:

Our markets continued with its momentum and with a new high of 21800 tested, the index is approaching the 22000 mark. The large cap stocks have been witnessing buying momentum since some time as the buying approach by the FPIs have led to momentum in these heavyweights. As there are no reversal signs, traders should continue to ride with the trend and look for stock specific opportunities from a trading perspective. The immediate supports for Nifty are placed at 21620 followed by 21500. On the higher side, the 161.8 percent retracement of the recent small dip is around 21970 which would be seen as the immediate hurdle. During the December series, FIIs had consistently formed long positions in the index futures segment and it will be important to see their positioning at the start of the new series.

Nifty continues to clock new records, approaching 22000 mark

Nifty, Bank Nifty Levels and  FINNIFTY Levels: