The Nifty closed at the highest level since October 18, 2021. On daily charts, this is the second highest close for the Nifty. November and December months have been good months for equity markets if we were to go by the historical seasonal performance charts of last 29 years.
Dollar index and bond yields in the US have seen bearish trend reversal and same is expected to auger well for world equity markets. The Nifty has got strong support at recent swing low of 17,969 and unless it closes below that trend will remain bullish for the short term.
Near term resistance is seen at an all-time high placed at 18,604 odd level.
The stock price has been forming higher tops and higher bottoms on the daily chart. The stock is placed above all important moving averages, indicating bullish trend on all time frames.
Targets: Rs 1,090; Rs 1,150
On November 11, 2022, the stock price broke out from the downward sloping trend line with jump in volumes on the daily chart. The stock has closed above its 50 days EMA resistance.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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