Market Outlook for 27 September 2023

Market Outlook for 27 September 2023

by Ruchit Jain Last Updated: Sep 27, 2023 - 10:40 am 675 Views
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Our markets traded within a narrow range in Tuesday’s session where neither Nifty broke its previous day’s high nor its previous day’s low. It ended the day almost flat above 19650.

Nifty Today:

Nifty took support around 19600 in Monday’s session which was the 61.8 percent retracement level of the recent upmove. The Bank Nifty index too recovered from the support of its 89 DEMA level. However, we did not see any significant movement in Tuesday’s session as the index traded within a very narrow range throughout the day. Hence, the low of 19600 continues to be a crucial support for the coming session as well and only if we break this support, then further sell-off would be seen. FII’s have been selling in the cash segment and they have formed short positions in the index futures segment too and they now have net short positions in the index futures. However, much of the selling in the cash segment has been absorbed by DIIs while the Client segment traders were buyers in the index futures segment. Thus, our markets have not been much impacted as compared to the global markets. However, from a trading perspective, one should be very stock specific and it needs to be seen whether the Nifty, Bank Nifty and the Midcap index manages to resume its uptrend from their respective supports or not. Below Monday’s low in all these indices, we can then see further sell-off and hence, one should keep strict stop losses on positions accordingly.

 Markets consolidated in a narrow range, 19600 make or break level    

Market Outlook Graph 26-Sep-2023

Some of the FMCG names witnessed good buying momentum ahead of the expiry. Stocks such as Colpal and Marico are hinting at a continuation of the positive trend while the heavyweight HUL from this sector could form a support base here. One can look for opportunities in such stocks from a near term perspective.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19600 44500 19720
Support 2 19500 44400 19670
Resistance 1 19740 44750 19890
Resistance 2 19800 44900 19930

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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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