Share Market Weekly Technical Report – 30th December 2022

Future outlook

Our market has witnessed a pleasant move through the week post the havoc from the previous week. The firm recovery from the lows of 17800 showcased the resilience of the bulls and made a merry Santa rally to close the year on a cheerful note. The benchmark index Nifty50 snapped three consecutive weeks of sell-off and concluded the week with gains of over 1.60 percent. Nifty had a subtle closure to the calendar year 2022, procuring over 4 percent to settle a tad above the 18100 level.

Technically speaking, post the recent price-wise correction in the market, the chart structure construes optimism, and it is highly anticipated to continue the cheerful run in the new calendar year. The broad-based buying in the last week has levitated market sentiments and can be seen as a sign of progression as we outclass our major global peers. As far as levels are concerned, 18000 is expected to cushion any short-term blip, with the sacrosanct support placed around 17800 for the time being. While on the higher end, a decisive move above 18400-18450 would affirm the continuation of the uptrend in the market.