Market Outlook for 21 September 2023

Market Outlook for 21 September 2023
Market Outlook for 21 September 2023

by Ruchit Jain Last Updated: Sep 21, 2023 - 12:35 pm 805 Views
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Post the mid-week holiday, Nifty started trading on a negative note owing to the weak global cues and the sell-off seen in the heavyweight HDFCBank which dragged the indices lower. Both Nifty as well as Bank nifty traded with a negative bias throughout the day and the index ended around 19900 with a loss of over a percent.

Nifty Today:

The weak global cues and the sell-off in HDFC Bank post the brokerage downgrades led to a gap down opening in the markets. The support of 20000 was broken in the opening hour itself and as the put writers had decent open positions there before the holiday; the writers looked to unwind their positions which led to further pressure in the index. Nifty has reacted negatively from its important hurdle of 2022 which was the 127 percent retracement of the recent correction. As of now, this downmove seems to be a corrective phase within an uptrend. The 20 DEMA support will be the important support to watch out for the index which is placed in the range of 19750-19800. On the flipside, 20000-20050 will be the intraday resistance zone on the weekly expiry day as per the open interest data.

Benchmark indices corrects led by selling in heavyweight HDFC Bank

Market Outlook Graph- 21 September 2023

Traders are advised to focus on stock specific opportunities for now. Whether the index breaks the 20 DEMA support or not needs to be seen and the next couple of sessions could give more clarity.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19830 45190 20020
Support 2 19770 45000 19940
Resistance 1 20000 45470 20220
Resistance 2 20120 45660 20350

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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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