Nifty Outlook for 6 September 2023
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.
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
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.
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