Nifty Outlook for 6 September 2023

Market Outlook for 6 September 2023
Market Outlook for 6 September 2023

by Ruchit Jain Last Updated: Sep 06, 2023 - 11:23 am 468 Views

In absence of major global cues, Nifty started the day marginally positive. It traded within a narrow range throughout the day and ended with gains of about a quarter of a percent.

Nifty Today:

In Tuesday’s trading session, the benchmark indices traded within a narrow range, but the market was no short of action as the stock specific momentum in the broader markets was much positive. The midcap stocks continued the outperformance and the Nifty Midcap index surpassed the 40000 mark for the first time ever. In the options segment, 19500 put options witnessed significant rise in open interest and hence, 19500-19450 would be seen as the immediate support on any declines. On the higher side, the immediate resistance is seen around 19650. The Bank Nifty index has been consolidating since last couple of sessions and has relatively underperformed the benchmark. However, the near term trend does not look negative and a move above 44800 could lead to positive momentum again. 

Nifty Midcap Index hits new milestone; crosses 40000 mark 

Nifty Outlook Graph- 5 September 2023

Traders are advised to trade with a positive bias and look for stock specific buying opportunities. In indices too, buy on dip approach should be kept and traders should look for buying opportunities in intraday declines. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19540 44400 19700
Support 2 19500 44270 19640
Resistance 1 19620 44670 19810
Resistance 2 19660 44800 19870

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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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