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Sensex has support at 57,000, Nifty at 16,600. Stay on sidelines for now

Markets are likely to remain volatile over the next few sessions. Traders and investors should stay on the sidelines till there is clarity on the impact of Omicron variant and US Fed policy

Topics
Market trends | Markets Sensex Nifty | stock market trading

Avdhut Bagkar  |  Mumbai 

Trend
Trend

S&P BSE SENSEX
Outlook: Volatility has disrupted the positive sentiment

The last two sessions have seen the Sensex making efforts to cross the immediate hurdle of 59,000 level. That said, it has managed to hold the support of 100-DMA, currently placed at 56,800. However, the selling pressure has forced the index to drift towards the earlier reversal mark. The current volatility has disrupted the positive momentum and market participants are suggested to stay on the sideline. The index needs to demonstrate stability to regain the bullish bias. The support stays at 57,000. CLICK HERE FOR THE CHART


NIFTY50
Outlook: Market needs to trade sideways for a stable outlook

The Nifty 50 index is striving to hold the support of 100-days moving average (DMA) placed at Rs 17,195 levels. The overall mood is cautious with market participants preferring to see a steady trend before comitting fresh money. Nevertheless, a sideways movement may see stability and a revival in the confidence among traders and investors. The immediate resistance comes at 17,550 and support stands at 16,600 levels. CLICK HERE FOR THE CHART

Nifty Midcap 100
Likely target: 31,000 (until 100-DMA is held)
Upside potential: 3%

The index has been able to defend the support of 100-DMA placed at 29,637 levels, according to the daily chart. And as long as this neckline is held decisively, the positive bias may see the index cross 31,000 levels, which also is its 50-DMA. That said, the 50-DMA is the next hurdle for this index. The Moving Average Convergence Divergence (MACD) has broken the zero-line downward, suggesting weakness. Given this, the index may slide towards 28,500 if it fails to defend the 100-DMA. CLICK HERE FOR THE CHART

Nifty Smallcap 100
Likely target: 11,350
Upside potential: 5%

The index has witnessed aggressive selling pressure lately. It, however, has managed to come back above the 100-DMA placed at 10,700. This pullback has endorsed a short-term positive view. If it conquers 11,000 levels, which is the 50-DMA, the upside breakout may see a sharp jump in the direction of 11,350 according to the daily technical setup. CLICK HERE FOR THE CHART

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First Published: Tue, December 07 2021. 11:18 IST
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