Nifty Outlook for 23 August 2023
In last couple of trading sessions, Nifty has seen a pullback move from the support of 19300 and it surpassed the 19400 mark today. However, we largely witnessed trading within a narrow range throughout the day, and the Nifty gave up the intraday gains towards the end to close on a flat note just below 19400.
Post the recent correction from 19990 to 19250, Nifty seems to have entered a consolidation phase as the index has been trading within a narrow range. Options writers have built up positions in 19300 put and 19400 call options for this weekly expiry which indicates that participants are anticipating a narrow range for the index. Also, in BankNifty options both at-the-money call and put of 44000 strike price have seen high open interest built-up. FIIs who have recently formed short positions in the index futures segment, have covered some of their shorts and not much activity is seen in last couple of sessions. Technically 19300-19250 is seen as a strong support as the 50 DEMA coincides with the retracement supports in this zone. Hence, the price wise correction seems to be done for now and the momentum would turn negative again only if we break 19250 support. However, the near term trend seems to have changed from down to sideways for now and a breakout above 19450-19500 resistance is important for a resumption of the uptrend.
Nifty consolidates in a range while midcaps continue upmove
As the overall market breadth is positive, traders should focus on a stock specific approach at this moment. A breakout beyond 19250-19500 will then lead to a directional move in the direction of the breakout.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
The last week of September turned out to be volatile as the markets corrected during the monthly expiry to test the 19500 mark. We witnessed a strong recovery in Friday’s session, and the index finally ended the week above 19600, with marginally weekly loss.
- Sep 29, 2023
Best software stocks stand at the forefront of innovation as technology transforms several industries. They provide solutions ranging from cybersecurity to artificial intelligence, alluring investors with the promise of future growth. The year 2023 ushers in a strong focus on the software sector in the vibrant environment of India's stock market.
- Sep 29, 2023
The Best machine learning stocks to buy in 2023 are the most evolving in the financial sector. Artificial intelligence's machine learning subfield has transformed many industries, including banking. As 2023 approaches, experienced and new investors are enthralled by the promise of the best machine learning stocks in India.
- Sep 29, 2023