Market Outlook for 12 October 2023

Market Outlook 12 October 2023

by Ruchit Jain Last Updated: Oct 12, 2023 - 11:29 am 778 Views
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Nifty started another session on a positive note and rallied higher to surpass the 19800 mark. The index consolidated in a range for most part of the day, but managed to maintain its strength and ended above 19800 with gains of over half a percent.

Nifty Today:

After crossing the immediate hurdle of 19675 on Tuesday, we witnessed a follow up buying in Wednesday’s session confirming a ‘Higher Top Higher Bottom’ structure again on the Nifty index. However, the Bank Nifty traded within a range on its weekly expiry day and did not show much relative strength. The RSI oscillator on the Nifty has already given a positive crossover indicating a resumption of the positive momentum. Hence, we could see the index heading higher in the near term and thus traders should trade with a positive bias. FII’s have covered marginal shorts but still significant short positions are there in the system. A continued strength in the index could lead to covering of these positions which would add fuel to the rally. For the weekly expiry day, a move above 19850 could then lead to a positive momentum in the index as it has closed right in the 18800-18850 resistance zone. On the flipside, 19700 followed by 19660 will be seen as immediate support on any declines from here.

Nifty extended its upmove; cement stocks witnessed buying

Market Outlook Graph 11-October-2023

A lot of stock specific buying interest has been seen in the last couple of sessions with realty witnessing a breakout first and now buying seen in cement stocks. Traders should for such sectoral moves where good price volume action is seen and one should trade with a positive bias in such names.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19700 44380 19830
Support 2 19660 44250 19770
Resistance 1 19880 44680 19980
Resistance 2 19930 44850 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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