Weekly Market Outlook for 17 July to 21 July

Weekly Market Outlook for 17 July to 21 July
Weekly Market Outlook for 17 July to 21 July

by Ruchit Jain Last Updated: Jul 17, 2023 - 11:07 am 567 Views

The Nifty index consolidated in a range for most part of the week, but sector specific rotations were seen which kept the supports intact. The index resumed the positivity towards the end of the week and it ended at its new high above 19550 with weekly gains of over a percent.

Nifty Today:

Post the recent run up, the momentum readings on the lower time-frame charts were in an overbought zone and to relieve such set-ups market either needs to go through some price wise or time wise correction. In last few days, Bank Nifty witnessed some pullback move towards its 20 DEMA support, but sector rotations kept the support intact in Nifty. As banks witnessed some pullback, Reliance industries initially witnessed upmove to support the index and in the later part of the week, IT and metals rallied higher. Thus, the Nifty index just consolidated in a range and resumed the uptrend towards the end to close at all-time high. If we look at other factors, the Dollar Index has seen a sharp down move and has sneaked below 100 levels. This is positive for the emerging market equities and the FII’s too have been buying in our market. They have bought equities worth about 12000 crores in this month so far have been on the long side in the index futures segment too with 70% of net long positions. Thus, the data remains positive which hints at a continuation of the uptrend in the Nifty. As far as levels are concerned,19400 followed by 19300 would be seen as crucial short term supports while the index seems to be heading towards the new milestone of 20000 soon. Infact, at all-time highs reciprocal retracement usually gives a fair idea on target/resistance levels. Nifty has already achieved 127% percent retracement level of previous correction which was around 19450, now the next level is 161.8% retracement which is around 20150. So given the strength in the markets, we believe the index would gradually head towards the above mentioned target. 

      Sector rotation keeps uptrend intact; Nifty closes at all-time high

Nifty Outlook - 14 July 2023

During the week, the heavyweights such as Reliance Index and IT stocks gained momentum after a long consolidation phase. The fall in dollar index is positive for metal stocks which could continue to see positive moves in the near term. The midcap index is in the overbought zone, but it is often seen that stocks continue to rally in the overbought zone in a strong trended phase and thus, stock specific buying opportunities should be seen in these segments.

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
Market Outlook for 4 October 2023

Post the extended weekend, our markets started on a negative due to weak global cues. Post the first hour sell-off, the Nifty index traded within a narrow range throughout the day and it ultimately ended above 19500 with a loss of over half a percent.

  • Oct 03, 2023
Swing Trading Stocks: Week of 3 October 2023

Swing Trading Stocks for the Week

  • Sep 29, 2023
Weekly Outlook on Gold - 29 September 2023

Gold prices are facing sustained pressure despite a backdrop of dollar weakness, a rare occurrence that coincides with a decline in yields on US Treasuries. Typically, the strength of the dollar and higher yields have been key components of the Federal Reserve's hawkish monetary policy.

  • Sep 29, 2023