Last week – review
Market went into trade this week, with facing supply at higher level, but market turned positive post US Fed meeting minutes. We had clear view to go long and, on any correction, we had mentioned to add fresh long around key support level.
Approach on Technical: Technical breakout will open further upside 6% – 9%. Over a period of 3 to 5 weeks. Outlook for December end looks interesting.
This week outlook remains sideways with little pull-back or correction would be healthy. Nifty @ 18436 & 18175 & Banknifty around 42300 – 42400 could provide good entry opportunity for long. Technical setup is bullish and our strategy to trade long.
Market View & Strategy
Global cues will continue to drive the narrative which is currently building around the slowdown in rate hike by US Fed. Major economic data from US starts from 2-Dec-22 and any change in global narrative could lead to further correction. Easy monitory policy means mid-cap & Small-cap could do well and we are bullish on Mid-cap & Small-cap with short term view till budget.
We would focus on IT & Metal as a sector which could do well during easy monitory policy. We see 1st half of December to very eventful and interesting which could set the stage for some consolidation this week.