Market Outlook for 11 October 2023

Market Outlook for 11 October 2023

by Ruchit Jain Last Updated: Oct 11, 2023 - 01:01 pm 790 Views
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Post the sell-off in Monday’s session on negative geopolitical developments globally, the markets witnessed a sharp recovery in Tuesday’s session and rallied higher. The index reclaimed 19700 mark and ended just below it with gains of almost a percent.

Nifty Today:

The last couple of sessions have been topsy-turvy for the markets as the markets reacted negative initially to the negative global news. However, as the other markets did not react much negatively, we witnessed a pullback move again on Tuesday and infact the markets rallied to end on a strong note. Nifty had a support in the range of 19500-19450 and the index has exactly formed a low in this zone on Monday. Now, with recovery in the markets, the options writers have formed positions at 19600 strike which now has the highest open interest. Thus, 19600 followed by 19500-19450 have become the immediate supports for the index. On the higher side, the index has managed to end on a strong note and a follow up move above 19770 could lead to a resumption of the uptrend then. The RSI Smoothed oscillator which last gave a negative crossover on a breakdown below 20000 has now given a buy crossover in Tuesday’s session, thus turning the momentum positive. Also, FIIs have significant short positions in the system and a move above 19770 could lead to short covering by them as well. 

Nifty recovers to reclaim 19700, short covering could lift markets higher

Market Outlook Graph 10-October-2023

The Midcap index has gone through a time wise corrective phase in last one month. The 40 DEMA support is still intact which is placed around 39500. Till this is intact, the broader markets could witness stock specific positive momentum 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19600 44200 19770
Support 2 19500 44080 19700
Resistance 1 19750 44560 19900
Resistance 2 19810 44770 20030

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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