Nifty Outlook for 31 August 2023

Nifty Outlook for 31 August 2023
Nifty Outlook for 31 August 2023

by Ruchit Jain Last Updated: Aug 30, 2023 - 05:13 pm 646 Views

Following the positive global cues, Nifty started trading on a positive note on Wednesday and it traded around 19450 mark in the first hour. However, there was no follow up move and the banking stocks witnessed selling pressure in the later part of the day. Thus, the Nifty index too gave up all the intraday gains and ended the day below 19350 on a flat note. 

Nifty Today:

Nifty started the day on a positive note but the index was not able to capitalize on the opening strength. The falling trendline resistance of the recent corrective phase was around 19500 and it is important to surpass that hurdle for a resumption of the uptrend. However, the index witnessed selling pressure in the later part of the day (esp. the banking index) which indicates that the consolidation still continues. The immediate support for Nifty is placed in the range of 19300-19250. A break below the lower end of this support could result in a down move towards 19000-19100. On the flipside, 19450-19500 is the strong resistance zone for the index which needs to be surpassed for a resumption of the uptrend.

Market gives up opening gains, midcaps continue outperformance

Nifty Outlook Graph- 30 August 2023

The midcap space has been doing well and has outperformed the benchmark largely. With no signs of reversal yet, the momentum could continue in the near term and hence, focusing on stock specific strategies could be a better approach in such a sideways market.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19300 44400 19600
Support 2 19250 43750 19510
Resistance 1 19420 44500 19850
Resistance 2 19500 44630 20000


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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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