Market Outlook for 6 October 2023
Post the recovery from the intraday lows in Wednesday’s session, our markets started the day with a gap up on Thursday and then consolidated in a narrow range throughout the day. It ended the weekly expiry day around 19550, posting gains of over half a percent.
As the global markets witnessed some recovery, our markets too started the day on a positive note. The consecutive gaps in last couple of trading sessions has led to formation of an ‘Island’ reversal pattern on the daily chart. This is a reversal pattern which has been formed post a corrective phase which is a positive sign. However, the follow up move in next trading session needs to be seen to confirm this to be a strong support base. This is mainly because we have not yet seen any significant change in the data as the majority of short positions recently formed by the FIIs are still intact and there are no trend reversal signs yet. Also, Nifty needs to surpass its immediate resistance zone of 19660-19760 which could be a herculean task. For the above mentioned reversal pattern, 19450 will be the immediate support which if breached, then it would reduce its significance. Hence, traders should be watchful on the above mentioned levels which would be crucial to determine the short term trend.
Nifty witnesses some recovery, but not out of the woods yet
The Nifty Midcap index has been consolidating in a range since last couple of weeks and is trading around crucial 20 DEMA support. The RSI oscillator is hinting at a losing momentum and hence, one should be very stock specific in this space from a near term perspective.
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
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- Dec 01, 2023Read More
Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.
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