Market Outlook for 14 September 2023
Our markets started the day on a flat note and the indices consolidated in a range till noon. However, the index rallied higher in the later part led by the banking stocks and the Nifty ended at 20070. The Bank Nifty index outperformed and ended just below 46000 mark.
The broader markets witnessed a sharp correction in Tuesday’s session but the trend was intact in the large cap stocks as buying interest can clearly be seen there. Thus, the index resumed the momentum and ended well above the 20000 mark hinting at continuation of the trend. The retracement levels hints at a potential target of 21150-21200 for Nifty which we have been mentioning about and Nifty could move towards this zone in next couple of sessions. The support base is shifting higher and the immediate levels to watch out are 19950 and 19870. Until there are any signs of reversal, we continue with our advice to trade with a positive bias and look for stock specific opportunities. However, it is difficult to say whether the corrective phase in the midcap space is done as the momentum readings have cooled off from the overbought zone on the daily chart and the Nifty Midcap 100 index has taken support at its 20 DEMA.
Banking stocks led markets higher; Nifty ends well above 20000
Since the weekly readings too are overbought, one should avoid aggressive position in the midcap space for time-being and look for booking profits on position in the midcap and smallcap space.
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
DisclaimerInvestment/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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