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Share Market Weekly Technical Report – 4th November 2022

18 January 20233 mins read by Angel One
Share Market Weekly Technical Report – 4th November 2022
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Future outlook

Markets had a buoyant start for the new trading week on Monday and previous week’s struggle around 17800 finally came to an end as we managed to open convincingly above it. After the initial upticks, index slipped into a consolidation and kept flirting with psychological mark of 18000. The buying re-emerged towards the fag end in some of the heavyweights, which helped Nifty finally surpass this key figure with some authority. This was followed by yet another gap up on the subsequent day and then Nifty went on to surpass September month high of 18115. During the remaining part of the week, markets looked lethargic with no intent to move beyond the 18200 mark. However, the bulls had enough strength to defend 18000 convincingly to eventually conclude the week by pocketing nearly couple of percent on a weekly basis.

We started off well as global markets continued with their recovery mode and sentiments were much improved globally over the previous weekend. In this process, we managed to go past the study wall of 18000 – 18100; but due to lack of follow up buying, were unable to capitalize on the head start. Around the mid-week, the US markets once again looked a bit shaky and post the Fed policy, reacted adversely to haunt market participants across the globe. We did react at the opening on Thursday; but immediately this tremor was absorbed in our market. Without making any damage, we did recover on the same day and then went on to post a weekly close above 18100 on Friday. This is a clear indication; how strong our markets have been of late. Undoubtedly, the bulls continue with their hegemony in the domestic markets and are eying record highs now. If there is no aberration globally, we are good to go towards 18250 – 18350 first and then a march towards previous highs 18600 looks very much on cards in the ongoing calendar year. As far as supports are concerned, 18000 followed by 17900 should be treated as sacrosanct zone and any intra-week decline would provide opportunities to create fresh longs.


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