Market Outlook for 15 September 2023

Market Outlook for 15 September 2023

by Ruchit Jain Last Updated: Sep 15, 2023 - 11:26 am 302 Views

Nifty started the weekly expiry session marginally positive above 20100 mark. The index traded within a range for most part of the day and ended just above 20100 with marginal gains.

Nifty Today:

The broader trend continues to be positive for the Nifty as there are no signs of reversal yet. The midcap stocks have seen a positive momentum again in last couple of sessions post sharp one day sell-off seen on Tuesday. The Midcap 100 has taken support around the 20 DEMA post that correction which would now be seen as an important support. The crucial short term supports for Nifty are placed around 20000 and 19940 and the trend remains positive until these supports are broken. Also if we look at the derivatives data, FIIs have formed long positions in last one week where their ‘Long Short Ratio’ has improved from 50 percent to 67 percent. Hence, till the data is positive and the important supports are intact, traders should continue to trade with a positive bias. On the higher side, 20150-20200 is the immediate resistance zone.

Long formations in index futures by FIIs propelled markets higher   

Market Outlook Graph- 14 September 2023

If this is surpassed, then the index could continue the momentum towards 20380 and 20470.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 20040 45820 20330
Support 2 19970 45630 20260
Resistance 1 20170 46170 20480
Resistance 2 20230 46340 20540

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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.


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