Nifty Outlook for 10 August 2023

Nifty Outlook for 10 August 2023

by Ruchit Jain Last Updated: Aug 10, 2023 - 10:59 am 706 Views

Nifty started the day on a negative note as the global cues were subdued. The banking index too witnessed a sharp correction in the initial hour of the trade, but both the indices recovered from their intraday supports and rallied higher in the later part of the day. Nifty ended the day on a positive note while Bank Nifty recovered much of the intraday losses and closed marginally negative.

Nifty Today:

Our markets have recently seen a corrective phase mainly because of some negative news flows in the global markets which has led to some volatility in the global indices. Also, last four months of rally has mainly been supported by FIIs buying, while they have refrained buying equities in this month so far. However, the index futures data has started to improve as FII’s covered some of their short positions due to which the ‘Long Short Ratio’ has improved marginally from 40 percent to 45 percent in last couple of sessions. The market breadth has been positive in this corrective phase and the midcap index has been trading at its all-time high which is a good sign. Nifty has ended around the crucial resistance zone of 19650-19700 which if surpassed, then the indices would resume their uptrend and could again march towards new record highs. On the lower side, 19500 will be seen as immediate support on the weekly expiry as the put option at this strike has seen decent open interest build up. On a positional basis, 19500-19400 is now an important support range.


                                                               Markets recover from supports, close watch on RBI policy

Nifty Outlook Graph- 8 August 2023

RBI monetary policy committee will be declaring the outcome of their meeting and the decision on interest rate changes,if any, in Thursday’s session and hence, traders should keep a close watch on the same. For now, until any support is broken, traders are advised to trade with a positive bias and look for stock specific buying opportunities.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




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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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