Market Outlook for 17 October 2023
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.
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
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 Levels||Bank Nifty Levels||FINNIFTY Levels|