Weekly Market Outlook for 21 August to 25 August

Weekly Market Outlook for 21 August to 25 August
Weekly Market Outlook for 21 August to 25 August

by Ruchit Jain Last Updated: Aug 21, 2023 - 10:51 am 568 Views

Nifty consolidated within a range in the week gone by as some negative global news flows led to selling pressure. The index ended the week around 19300 with a weekly loss of over half a percent.

Nifty Today:

It was a week of consolidation for the markets as the indices traded within a range for most part of the week. The August month so far has not been great for the bulls as the Nifty has corrected from the recent high of 19990 to 19300. The recent negative news flows with respect to downgrading of US credit rating by Fitch, increase in interest rates by US Fed, and concern over China’s economic growth has led to lot of uncertainties amongst global market participants. The INR depreciated to surpass the 83 mark and the FII’s have sold equities in the cash segment as well as in the index futures segment. Thus, the data remains negative and there are no signs of reversal yet. However, we have ended the week around crucial support zone of 19300-19250 as the index has retraced 23.6 percent of the last four months’ rally. It will be crucial to see if index holds this support in the coming week and witnesses a pullback move. It it doesn’t, then the next major support range would be around 19000 mark. On the higher side, the falling trendline resistance of the recent correction is now seen in the range of 19450-19500 and that will be seen as a crucial hurdle. A breakout above the same is required for a resumption of the uptrend and till then, we advise traders to trade with a stock specific approach.

 Markets consolidates with global news flows leading to some uncertainty

Nifty Outlook Graph- 18 August 2023

Now for positional traders or investors, we believe much of the negativity has been factored in as we have not seen much deterioration in the market breadth. This downmove just seems to be correction within an uptrend and hence, mid to long term investors should start looking for buying opportunities on declines around major supports.

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.