Nifty Outlook for 9 August 2023

Nifty Outlook for 9 August 2023
Nifty Outlook for 9 August 2023

by Ruchit Jain Last Updated: Aug 09, 2023 - 04:52 pm 580 Views
Listen icon

It was another day of consolidation for the markets, as the key indices traded within a narrow range throughout the day and Nifty ended the day around 19570 with a marginal loss. The banking index showed relative outperformance to Nifty and it hovered around 45000 level before closing just below it.

Nifty Today:

Nifty has witnessed some pullback move from the recent swing low of 19300. However, the data has not turned optimistic yet as the FII’s have been net sellers in the cash segment so far in this month, and they have been on the short side in the index futures segment too. The index has a crucial hurdle around 19650-19700 where we can see a falling trendline resistance on the hourly chart. Thus, it needs to be seen if the index manages to surpass this hurdle and resumes its uptrend. However, the broader markets have been doing quite well as the midcaps continue their outperformance and the Midcap index is still trading around its all-time high.

      Broader markets outperform while index consolidates in a range

Nifty Outlook Graph- 8 August 2023

Hence, until the index surpasses the above mentioned hurdle, it is better to look for stock specific opportunities from a trading perspective. The immediate support for Nifty is placed in 19500-19450 range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


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.


Investment/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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
ICC World Cup 2023 & the Stock to Watch

The ICC Men's Cricket World Cup 2023 is not just a sporting event; it's a cultural phenomenon, especially in cricket-crazy countries like India. The tournament, set to begin on October 5, 2023, promises intense cricket action and, interestingly, financial opportunities. One stock that stands out as a potential beneficiary of the cricketing frenzy is Zomato Limited (NSE: ZOMT).

  • Oct 04, 2023
Market Outlook for 5 October 2023

Nifty started the day with a gap down opening and corrected along with the broader market sell-off in Wednesday’s session. However, we witnessed a recovery in Nifty from the low of 19333 and it ended well above 19400 with a loss of less than half a percent.

  • Oct 04, 2023
Dolly Khanna and Rajiv Khanna: Unveiling Their Investment Journey

About Dolly Khanna and Rajiv Khanna Dolly Khanna, a well-known name in the world of investing, is often celebrated for her stock-picking prowess. However, what may surprise many is that Dolly Khanna is, in fact, a homemaker. The real driving force behind their successful investment journey is her husband, Rajiv Khanna. Rajiv Khanna, a Chennai native, holds a unique position in the investing landscape, preferring to invest under his wife's name.

  • Oct 04, 2023