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Share Market Weekly Technical Report – 11th November 2022

18 January 20232 mins read by Angel One
Share Market Weekly Technical Report – 11th November 2022
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We started off on a positive note on Monday; but with some intraday swings on both sides, Nifty managed to reclaim 18200 on the same day. This was followed by a lull patch of nearly two days during which markets looked a bit tentative at higher levels. However, the global markets made a strong comeback with a bang on Thursday after cooling off an Inflation number. This resulted in reversing the tide for the biggest underperforming heavyweight space like, IT (NASDAQ). With stellar rally in US bourses, the global sentiments just got lifted overnight among the market participants. The rub off effect of the same was visible in our domestic market on Friday as we not only opened with a strong bump up but also managed to extend gains towards the 18350 mark.

The benchmark index Nifty added more than a percent this week and, in the process, it has now closed at highest level in the calendar year. We are not surprised with this move as we have been quite vocal on how strong our markets are and soon, we would see BANKNIFTY crossing 42000 to mark new highs. The banking index has finally achieved this milestone and soon we would see Nifty following these footsteps. Technically speaking, the price configuration looks promising, because Nifty finally managed to surpass the multiple times tested trendline resistance above 18200 – 18000 with some authority. For the coming week, 18200 – 18000 would now be seen as a sacrosanct support zone, whereas on the flipside, testing 18450 and 18600 is clearly on cards. In fact, if momentum persists, we will see Nifty clocking fresh record high in the coming week itself. Till now, most of the other heavyweights have been driving markets higher but with IT space coming out of its long slumber phase, the rally is likely to be robust in nature.


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