Market Outlook for 4 October 2023

Market Outlook 4 Oct 2023

by Ruchit Jain Last Updated: Oct 04, 2023 - 10:27 am 786 Views
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Post the extended weekend, our markets started on a negative due to weak global cues. Post the first hour sell-off, the Nifty index traded within a narrow range throughout the day and it ultimately ended above 19500 with a loss of over half a percent.

Nifty Today:

It's been almost a couple of weeks since our markets entered a corrective phase when Nifty breached the 20000 mark. The global factors such as rising US bond yields and rising dollar index has resulted in some selling pressure in the equity markets and our indices too have been moving in tandem with the global markets. FII’s have been selling equities in the cash segment since last couple of months, but recently they also have formed short positions in the index futures which have mainly led to the correction in our markets. Their long short ratio (as on Monday) was just around 28 percent, which means that about 72 percent of the positions are on the short side. Thus, the data remains bearish as of now and hence we are witnessing selling pressure on the index in intraday pullbacks. So until the data changes or the index surpasses its important short term hurdles, it's better to be cautious and trade with limited exposure. The Midcap 100 index is still trading above its 20 DEMA support and hence, stock specific outperformance from the broader markets could continue.

Weak global cues resulting in continued selling pressure

Market Outlook Graph 04-October-2023

The important near term supports for Nifty are placed around 19460 and 19360 while resistances are seen around 19640 and 19760.  

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19460 44240 19670
Support 2 19360 44080 19600
Resistance 1 19640 44560 19800
Resistance 2 19700 44730 19860

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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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