Market Outlook for 17 October 2023

Market Outlook 17 October 2023

by Ruchit Jain Last Updated: Oct 17, 2023 - 10:55 am 658 Views
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Nifty traded within a narrow range at the start of the week, while more stock specific moves were seen throughout the session. Both the indices Nifty as well as the Bank Nifty index ended marginally negative.

Nifty Today:

Our markets have recently seen a pullback move from 19500 to 19850, but this has now become the short term trading range for the index as it has been consolidating within the range. FII’s still have significant short positions in the index futures segment with more than 70 percent positions on the short side. If the index surpasses this hurdle of 19850, then there could be short covering which would support the market momentum. The RSI oscillator on the daily chart is in the positive zone and thus, until the important supports are broken one should look to trade with a positive bias.

Nifty consolidating in a range, awaits breakout from important levels

Market Outlook Graph 16-October-2023

 The 40 DEMA around 19630 is the immediate support for Nifty, followed by the swing low at 19500-19450 zone. On the higher side, 19850 is the resistance zone above which the index could rally further towards new milestones.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19645 43900 19740
Support 2 19600 43750 19670
Resistance 1 19800 44520 19880
Resistance 2 19870 44680 19940

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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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