Market Outlook for 19 October 2023

Market Outlook 19 October 2023

by Ruchit Jain Last Updated: Oct 19, 2023 - 10:55 am 699 Views
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Our markets witnessed a sharp correction on Wednesday led by the Banking stocks, while the broader markets too witnessed some profit booking. The Nifty index ended below 19700 to end with a loss of seven-tenths of a percent while the banking index saw cuts of over a percent.

Nifty Today:

In last few sessions, we had seen a gradual recovery in the Nifty index towards its resistance of 19850. Both Nifty as well as the Bank Nifty index were placed around their crucial hurdles of 19850 and 44600 respectively. While market participants were looking for a breakout, the indices witnessed a reversal from these hurdles and decent short formation in the banking index dragged the indices lower. Thus, 19850 now becomes a crucial hurdle and until this is surpassed, the markets could continue its choppiness. On the lower side, 19635 followed by 19500-19450 range will be seen as the immediate support levels. The RSI oscillator in the Bank Nifty index has given a negative crossover and thus, then momentum there could be on the negative side. Until we see any strength in the banking space again, traders should turn cautious and avoid aggressive trading for directional moves.

Choppiness in markets likely to continue as indices face strong hurdle

Market Outlook Graph 18-October-2023

The broader markets too witnessed some selling pressure today. However, the Nifty Midcap index is still in a time-wise corrective phase within an uptrend since last one month. On this index, 39600 will be seen as a crucial support on any declines.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19600 43700 19600
Support 2 19540 43500 19500
Resistance 1 19780 44050 19760
Resistance 2 19850 44250 19850

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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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