NIFTY View

General Market View: December, 2014

Nifty Daily

On the daily timeframe of the Nifty spot chart, we see a rising channel with upper range at 8650 levels and the lower range at 8250. Expect Nifty to be in this range throughout December. December is a low volume month and the markets globally are usually flat due to holiday season of the FII's.

Nifty Short Term Range
For the coming sessions, Nifty could find support at the red trendline zone of 8500-8520 and see a bounce towards 8640 levels if the support sustains. A break below 8500 could see the index drift towards 8430/8370 levels.

Bank Nifty Daily Chart
On the daily chart of the Bank Nifty index, we see a resistance of 18900 and support of 18700. A break on either side of this range could give an explosive move. Below 18700, expect 18300 in the very short term. Breaking above 18900 will violate the rising wedge pattern.
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