Weekly Market Outlook for 11 September to 15 September

Weekly Market Outlook for 11 September to 15 September
Weekly Market Outlook for 11 September to 15 September

by Ruchit Jain Last Updated: Sep 11, 2023 - 11:09 am 452 Views

Nifty started the week gone by with a breakout from a consolidation phase and it was no looking back then. The index rallied higher throughout the week led by broader market momentum, and it ended above 19800 with weekly gains of a couple of percent.

Nifty Today:

Our markets resumed the uptrend last week as it gave a breakout from the consolidation phase.     The RSI readings gave a positive crossover at the start of the week and it remains in buy mode. The midcap and the small cap stocks continued their record run and clocked fresh record highs. These indices are in the overbought zone now, but it is often seen that the momentum continues in the overbought zone when the trend is very strong. However, we would advise traders to start booking some profits in the midcap and the small stocks now and avoid aggressive fresh buying here. However, the large cap stocks are witnessing buying momentum as they have seen a correction in last one month and the risk reward seems favorable there. FII’s have turned buyers in the index futures segment which is a positive sign too. Now, Nifty has given a breakout from 19650-19700 hurdle during last week, which would now be seen as a support on declines in the coming week. Thus, traders should keep a buy on dip approach on the index and look for buying opportunities on declines. On the higher side, the index can rally towards the recent high of 19990 soon followed by 20150 which is the target seen as per the retracement theory.

Nifty approaching previous highs, PSU stocks outperformed  

Market Outlook Graph- 8 September 2023

 The Nifty IT index has recently given a breakout above its resistance of 31700 and thus one can look for buying opportunities in last cap IT stocks on any declines. The PSU stocks have also been doing well and stock specific outperformance is expected to continue in this theme.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19740 44850 19880
Support 2 19660 44550 19800
Resistance 1 19880 45420 20250
Resistance 2 19950 45700 20370

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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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