Market Outlook for 26 September 2023

Market Outlook for 26 September 2023

by Ruchit Jain Last Updated: Sep 27, 2023 - 01:30 pm 734 Views
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Nifty started trading for the new week on a flat note and witnessed a continuation of the corrective mode in the first hour of trade. However, the index recovered from its support of 19600 and ended around the previous session’s close.

Nifty Today:

Our markets have been in a corrective phase since last one week mainly because of weak global cues and long unwinding by FIIs. The Nifty index has immediate support around 19600 which is the 61.8 percent of the recent upmove. The index precisely recovered from this support in Monday’s session and formed a ‘Doji’ candlestick pattern on the daily chart. Thus, 19600 will continue to be seen as the important support and if this remains intact then a pullback move could be seen ahead of the September series monthly expiry. In such a scenario, a pullback towards 19800 can be seen. On the flipside, in case 19600 is broken then we could see a continuation of the corrective phase towards 19500/19435.

Recovery seen from support of 19600, key support in midcap index intact

Market Outlook Graph 25-Sep-2023

The Nifty Midcap index has once again managed to defend its 20 DEMA support which has not been breached since the month of April. The important support for this index is placed at 40000-39900 and only a breach below this should be seen as negative. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19605 44580 19740
Support 2 19540 44470 19630
Resistance 1 19740 45000 19930
Resistance 2 19800 45240 20020

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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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