Market Outlook for 7 September 2023

Market Outlook for 7 September 2023
Market Outlook for 7 September 2023

by Ruchit Jain Last Updated: Sep 07, 2023 - 11:45 am 525 Views

Nifty started the day marginally positive, but it witnessed a gradual decline during the day towards 19500. The intraday dip towards the mentioned support witnessed buying interest and the index rallied in last half an hour to end the day above 19600 with marginal gains.

Nifty Today:

Our markets have recently given a breakout from a falling trendline resistance and a lot of heavyweights are now witnessing buying interest. This is mainly because the midcap and the small index are trading in the overbought zone while some of the heavyweights are trading around their supports post the recent correction. Thus, there could be some rotation towards the large cap stocks again in the short term which would keep the momentum in the index intact. The immediate support range for Nifty is placed at 19500-19400 while 19650-10700 is the resistance zone. A breakout above this could then lead to further positive momentum in the index. The rising crude oil and the Dollar index seems to be the hurdle that market participants are worried about. However, as of now there’s not much negative impact seen because of these factors. Hence. traders are advised to trade with a positive bias and look for stock specific buying opportunities.

Nifty Midcap Index hits new milestone; crosses 40000 mark 

Nifty Outlook Graph- 7 September 2023

Nifty FMCG index has formed a support around its 89 DEMA support and the RSI oscillator has given a positive crossover. One can look for stocks from this sector for short term trading. Also, the Nifty IT index has given a breakout from a long consolidation at the start of this week. Any pullback move towards the neckline (breakout zone) could again be a good opportunity to buy the large cap names from this sector.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19520 44220 19670
Support 2 19430 44020 19580
Resistance 1 19670 44590 19830
Resistance 2 19730 44770 19900

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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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