Technical & Derivatives Report - December 07, 2022

Sensex (62,626)
Nifty (18,643)

The weakness among the global peers led to a timid opening in our equity market. The benchmark index Nifty50 started the day with a small gap down and hustled in a narrow range at the lower end throughout the session. Amidst the lackluster session, the bulls showed their comeback in the penultimate hour and made a modest recovery to pare down some initial losses. The Nifty concluded near the day’s high, shedding nearly 0.30 percent, and settled below the 18650 level.

On the technical front, the support of 18,600 once again proved its mettle as bulls firmly retaliated to safeguard the same. We allude to our previous commentary to have the buy on dip and sell on rise approach, which seems perfectly aligned with the current market conditions. As far as levels are concerned, till the time the sacrosanct support of 18,600-18,500 is firmly withheld, there is no sign of worry for the participants. While on the higher end, a series of resistances could be seen starting from 18700-18750 to 18,800- 18,850 in the comparable period.

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