Market Outlook for 13 October 2023

Market Outlook 13 October 2023

by Ruchit Jain Last Updated: Oct 13, 2023 - 11:06 am 667 Views
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Nifty traded within a narrow range on the weekly expiry day and ended around 19800 on a flat note. However, the stock specific momentum was seen in the broader market with certain Energy, PSE and Media stocks witnessing good outperformance.

Nifty Today:

The markets traded within a narrow range on the weekly expiry which was much anticipated looking at the intraday options data. Both call as well as put options of 19800 strike witnessed a good open interest build up in the morning session itself which indicated option sellers expecting a range bound move. The near term trend remains positive, but the hourly charts are indicating possibility of some pullback move or a consolidation in next one or two sessions. Hence, one can expect a stock specific momentum in next one or two sessions while the broader trend remains positive. Post the TCS results, the IT sector has witnessed some unwinding of positions and thus the IT index is going through a pullback move as well. On the Nifty charts, 19700 and 19630 are immediate supports for the index and any dip towards these supports could witness some buying interest. Hence, traders can look for buying opportunities on any such declines. On the higher side, the immediate hurdle is seen around 19885 which is the 61.8 percent retracement of the recent corrective phase.

Nifty consolidates in a range on weekly expiry day

Market Outlook Graph 12-October-2023

Traders should look for stock specific moves where good price volume action is seen and one should trade with a positive bias.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19700 44444 19870
Support 2 19630 44360 19840
Resistance 1 19880 44770 20000
Resistance 2 19910 44850 20050

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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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