Market Outlook for 29 September 2023
Nifty started the September series expiry day on a flat note, but it witnessed selling pressure right from the opening ticks and it corrected throughout the day to end the day just above 19500 with a loss of about a percent.
Our markets have seen a correction from the recent swing high and the minor pullback from the support of 19600 got sold into. Infact the Nifty index broke the important supports and the momentum readings on the lower time frame charts gave a negative crossover on the expiry day which indicates a continuation of this corrective phase. For the index, 19700-19750 now becomes an important hurdle which needs to be surpassed for any positivity to resume. Until the resistance is surpassed and the momentum readings show any positive crossover, the near term trend remains corrective and hence, one should avoid aggressive trading. On the lower side, 19435 will be the immediate support to watch, below which the index could retest 19300-19250 zone. The Bank Nifty index is trading around a trendline support which is placed around 44200 and it needs to be seen if we witness any recovery here.
Market continues corrective phase; Midcap index at crucial support
Another important factor to watch on will be the Nifty Midcap100 index. This index has not yet closed below its 20 DEMA support since the start of April month and is now hovering around that support which is around 40000. If the index closes below this support, then it will be a sign of possibility of some profit booking in the broader markets which would lead to a stock specific correction in midcap and small caps.
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
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