Technical Outlook for CNX Nifty
The benchmark index, CNX Nifty, gained more than three percent and settled at 8588.25 after testing the psychological mark of 8600. But, we hardly witnessed any decisive move and the pace of rise was very slow throughout the month.
Though we uphold our overall positive bias for December month as well but the pace of rise in the recent past indicates lack of momentum. Hence, traders are advised to maintain cautious approach and keep trailing stop losses with every rise. On the other hand, if we see any decline first then utilize the same for initiating fresh long positions till the Nifty sustains above 8350 spot level.
Sector wise Power, Automobiles, Oil and gas and banks have seen consistent long build up and good delivery based buying. Some short rollovers were evident in Nifty though less in quantum. Banks have seen huge long build up since last four trading sessions. Cap goods and banks has been showing good delivery buying. Scrip like Reliance has seen good buying at a weighted average of around 988. Stocks like Grasim, Sunpharma, NTPC etc. has seen good delivery based accumulation.