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S&P500

S&P500 Futures Analysis-13Dec2023

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S&P500 Futures (ES) are moving up today on strong momentum, They were at 4700 today morning, and now at 4750. The strong momentum seen today, almost ensures that 4800 will be tested by end of Friday this week. The current lifetime high of S&P500 Futures is 4808, which was made in Jan 2022, and today, we are in Dec 2023. So full two years have passed since the high was made, and we have gone down to low levels like 3502 in Oct 2022, and come back from there. Given the strong momentum, its 4800 should come, and 4809 should also come, to make a new life time high in Dec 2023.

S&P500 futures have been in a clear uptrend since they crossed 4300 on 2 Nov 2023.  As of today, at current price 4750, the S&P500 futures have been gained 450 points from that support and buying level at 4300, within 6 weeks. Its one of the strongest rallies in recent years.  Traders can stay long above 4700 for targets 4800-4820. Thanks.

Bank Nifty, Nifty50

Nifty50 Analysis – 01Dec2023

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Nifty50 index had a strong positive week. Monday was a market holiday in India, and all the remaining four days from Tuesday to Friday showed strong positive gains. This was one of the most positive November months for Nifty in recent years. The monthly options expiry on the last day, 30th November, may have also played a role in the upmove, because many options sellers never expected Nifty to cross 20K level in November, because it looked far away from the lows of October around 18,850.

Our analysis has constantly shown that we need to stay long above 19,000 level in Nifty for targets 19,500 and 20,000 and that has played out once more.  Our target of Nifty index was 20,000 for the current rally on the daily charts, and Nifty has already crossed 20,200. On the weekly charts, Nifty has much higher targets of 21,800, which may come next year in 2024.

Bank Nifty index also started moving up this week after several weeks of under performance.  Our Bank Nifty targets in the near term are currently 45K and 45,500.  On the weekly charts, Bank Nifty has longer term targets of 50K and 55K, which may come in 2024. Thanks.