epicinfinite.comTomorrow’s Market Prediction (December 15, 2023):
Current Context:
- Recent Performance: Both NIFTY and Bank Nifty have been on a tear recently, with NIFTY hitting a historic high of 21000 on Friday and Bank Nifty outperforming with weekly gains of over 5%.
- Technical indicators: NIFTY and Bank Nifty are showing signs of over boughtness, suggesting a potential for consolidation or correction in the near term.
NIFTY
Support and resistance levels:
- Support: 20800, 20600
- Resistance: 21200, 21400.
Key factors to watch:
- Global cues: Movement of US markets and other major indices.
- FII & DII activity: Investment activity by foreign and domestic institutional investors.
- Sectoral performance: Performance of key sectors like IT, financials, and energy.
Possible scenarios:
- Upside: A breakout above 21200 could lead to further gains towards 21400.
- Downside: A correction or consolidation is likely if NIFTY encounters resistance at 21200 or falls below 20800.
Bank Nifty
Support and resistance levels:
- Support: 43500, 42800
- Resistance: 44500, 45000
Key factors to watch:
- Interest rate movements: Any news or expectations regarding interest rates can impact banking stocks.
- Performance of major banks: Movement of heavyweight stocks like HDFC Bank, ICICI Bank, and SBI.
- Nifty’s direction: Bank Nifty tends to follow the overall market trend.
Possible scenarios:
- Keep an eye on news and events that could impact the market.
- Use technical indicators and analysis as a guide, but do not rely solely on them.
- Manage your risk by setting stop-loss orders.
Disclaimer: This information is based on technical analysis and expert opinions. It is not a guarantee of future performance.
