Weekly Analysis 23rd Dec, 2022
S.no Sector Remarks
1 Nifty Closed at 17806, another 463 point downmove in a week. Inverted hammer candle of last week worked perfectly, Concerns due to COVID inititated this downward move. Now if this week's low of 17780 is broken then more selling in on the cards , support levels are at 17642, 17435, 17300, 17171. As i said last week also keep cash ready lots buying opportunity are there in market now.
2 Nifty Bank Closed at 41668, this index has shed around 3.5% from last week close. And look's like it will test 40868 next week. Although overall market is oversold condition and short covering rally is expected but now market is sell on rise mode. This index should hold 40400,40000 level else this index alone can bring nifty to 15000 levels also.
3 Nifty PSU bank Closed at 3888, this index has corrected around 16% from its high, now 3480 is next imp support level. People who were waiting to invest in this sector can initiate new buy around 3480 level.PNB around 43, Bank of baroda around 149 look good place to enter
4 Nifty Auto Closed at 12236, no support working right now in market. Next support is at 12161-11914 level. Now we need to wait for sign of reversal before initiating trade in this index. Still we can keep eye on TVS & M_M
5 Nifty IT Closed at 28237, below this week's low of 28109, 28000 is good support and if that’s breached then IT can slide till 27800/27500 levels. HCLtech around 980 should be good entry if anyone looking for long bet in IT index
6 Nifty Infra Closed at 5157, next support is at 5085 and if that level is respected we can expect some bounce. But looking at overall market structure its better to wait for signs of reversal before initiating buys
7 Nifty Pharma Closed at 12784, despite covid news which prompted severe fall in market pharma index still not very bullish. If this week's high of 13094 is taken out(looks difficult) we can expect upside momentum else better to wait.
8 Nifty Metal Closed at 6228, around 6.5% down from last week's close, taken support at weekly fib. The kind of bearish candle on weekly TF it has made looks like it will test support of 6019 also next week. Brace for the impact
9 Nifty FMCG Closed at 44314, looks like this index also going to test its support at 44000/43600 which will be good place to enter HUL, Britannia, ITC. FMCG is still strong sector in monthly TF so buying at dips to be maintained
10 Midcap & Small cap Midcap closed at 30157 and taken support at weekly ATR. Although midcap is down by 6% over last week close but many scrips are down by 30-35% in midcap & small cap index. I can see more pain in midcap and it can slide down till 29300/29400 level which should be give investors great value to invest. Small cap closed at 9182 and next support is at 8500. Now we should wait for signs of reversal before entering these 2 indexes
11 Nifty Energy Closed at 24879, down by 5.4% over LW close, as mentioned last week this index will go down and Reliance can touch 2518, both achieved. Reliance is still looking weak can touch 2419 which is bad news for Nifty.
S.no Sector Remarks
1 Nifty Closed at 17806, another 463 point downmove in a week. Inverted hammer candle of last week worked perfectly, Concerns due to COVID inititated this downward move. Now if this week's low of 17780 is broken then more selling in on the cards , support levels are at 17642, 17435, 17300, 17171. As i said last week also keep cash ready lots buying opportunity are there in market now.
2 Nifty Bank Closed at 41668, this index has shed around 3.5% from last week close. And look's like it will test 40868 next week. Although overall market is oversold condition and short covering rally is expected but now market is sell on rise mode. This index should hold 40400,40000 level else this index alone can bring nifty to 15000 levels also.
3 Nifty PSU bank Closed at 3888, this index has corrected around 16% from its high, now 3480 is next imp support level. People who were waiting to invest in this sector can initiate new buy around 3480 level.PNB around 43, Bank of baroda around 149 look good place to enter
4 Nifty Auto Closed at 12236, no support working right now in market. Next support is at 12161-11914 level. Now we need to wait for sign of reversal before initiating trade in this index. Still we can keep eye on TVS & M_M
5 Nifty IT Closed at 28237, below this week's low of 28109, 28000 is good support and if that’s breached then IT can slide till 27800/27500 levels. HCLtech around 980 should be good entry if anyone looking for long bet in IT index
6 Nifty Infra Closed at 5157, next support is at 5085 and if that level is respected we can expect some bounce. But looking at overall market structure its better to wait for signs of reversal before initiating buys
7 Nifty Pharma Closed at 12784, despite covid news which prompted severe fall in market pharma index still not very bullish. If this week's high of 13094 is taken out(looks difficult) we can expect upside momentum else better to wait.
8 Nifty Metal Closed at 6228, around 6.5% down from last week's close, taken support at weekly fib. The kind of bearish candle on weekly TF it has made looks like it will test support of 6019 also next week. Brace for the impact
9 Nifty FMCG Closed at 44314, looks like this index also going to test its support at 44000/43600 which will be good place to enter HUL, Britannia, ITC. FMCG is still strong sector in monthly TF so buying at dips to be maintained
10 Midcap & Small cap Midcap closed at 30157 and taken support at weekly ATR. Although midcap is down by 6% over last week close but many scrips are down by 30-35% in midcap & small cap index. I can see more pain in midcap and it can slide down till 29300/29400 level which should be give investors great value to invest. Small cap closed at 9182 and next support is at 8500. Now we should wait for signs of reversal before entering these 2 indexes
11 Nifty Energy Closed at 24879, down by 5.4% over LW close, as mentioned last week this index will go down and Reliance can touch 2518, both achieved. Reliance is still looking weak can touch 2419 which is bad news for Nifty.