Last week – review:
Last week market witness free fall on back of COVID fear, Mid-cap 100 & Small-cap 100 was down 5.79% & 8.33% respectively, recovered this week by 4.48% & 5.98% respectively. We expected market to bounce from lower level after 1 or 2 days of follow through correction, but market manage to hold on to Thursday / Friday ‘s low.
Approach on Technical: Nifty to trade in range of 18037 to 18462 & Banknifty range seen at 42573 to 44151.
We would remain bullish on Indices with support / review long position on Nifty @ 18037 & Banknifty @ 42573 for target on Nifty @ 18462 & Banknifty @ 44151. Closing below important support level on Nifty @ 18037 & Banknifty @ 42573 will turn cautious / bearish.
Fundamental Insight
1) Government Raises Most Small Savings Scheme Rates For Q4
2) India’s Fiscal Deficit Widens To 58.9% In First Eight Months
3) India’s Core Sector Sees Modest Growth Of 5.4% In November
4) India’s Forex Reserves Down $691 Million To $562.8 Billion In Second Straight Weekly Fall
5) India’s Current Account Deficit Widens To Record 4.4% Of GDP In Q2 FY23
Market View & Strategy
From next week, US economic data, domestic data such quarterly business updates & Q3FY23 result season to start from 9-Jan-23 onwards as TCS comes out with result will provide further cues.
In our 17-Dec-22 weekly report – we have said we now turn cautious and in today’s report we believe short correction is over and we are now bullish and will remains so till 15 – 16 December 2022 levels hold.