Weekly Market Outlook for 18 September to 22 September
Our markets kept the momentum intact in the week gone by and the Nifty rallied higher to register a new milestone of 20200 in the last trading session. However, the midcaps and smallcaps witnessed a sharp profit booking during the week, but they managed to recover some of those losses in last couple of days.
The indices have continued its uptrend as the large cap stocks have witnessed good momentum post the recent corrective phase. The ‘Higher Top Higher Bottom’ structure continues and thus the broader uptrend remains intact. Now, since the index is trading at all-time high, retracements usually indicate the levels to watch on the higher side. The initial retracements that we had expected were around 20200 which have already been met. Now, it will be crucial to see if we sustain above this level in the coming week. In such a scenario, Nifty can continue this rally towards 20380 and 20470. The hourly set ups in Nifty are overbought and hence some consolidation or minor correction could be expected before the next upmove. Traders should use any such dip as a buying opportunity. The immediate support for Nifty is placed around 20000 followed by the 20 DEMA support around 19750.
New milestone for Nifty as it tests 20200; midcap index retraces from overbought zone
The Nifty Midcap100 index witnessed sharp sell-off for a day during last week but it did not break its 20 DEMA support. The index has not yet closed below this average in last five months and hence, this should be seen as a sacrosanct support. This average is placed around 39760 and a close below this will indicate a deeper corrective phase. Hence, traders are advised to keep a close tab on this average and until it’s broken, one can have a stock specific approach and trade with a positive bias.
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
DisclaimerInvestment/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.
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
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
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