Weekly Market Outlook for 28 August to 1 September

Weekly Market Outlook for 28 August to 1 September
Weekly Market Outlook for 28 August to 1 September

by Ruchit Jain Last Updated: Aug 28, 2023 - 11:06 am 470 Views

During the week gone by, our markets witnessed a gradual pullback move at the start of the week. However, the upmove witnessed resistance in the range of 19550-19600 and the Nifty index corrected in last couple of sessions to end below 19300 with a marginal loss.

Nifty Today:

It was a volatile week as the Nifty initially witnessed buying interest from its support zone of 19250-19300, but it again corrected from the highs in last couple of trading sessions and ended the week in the above mentioned range. The index has continued with its ‘Lower top Lower Bottom’ structure on the lower time frame charts from the recent all-time high, indicating a continuation of the corrective phase within the broader uptrend. Nifty has ended the week right in the crucial support zone and thus, the next couple of sessions could be crucial in determining the near term momentum. Nothing has changed much in the index futures data as FII’s continue to hold net short positions and have been net sellers in the cash segment as well. In the option segment, the call writers have been quite active and the August series data hints significant writing in 19300-19500 call options. On the flipside, 19200 is the immediate support as per the open interest data followed by 19000 where highest open interest is placed.

Nifty ends in crucial support zone, 19500-19600 now becomes important resistance 

Nifty Outlook Graph- 25 August 2023

Traders are advised to watch out for market momentum at the start of the week which will be important. A breakdown below 19200 could lead to a continuation of the down move towards 19000 level while a recovery from this support zone and a breakout above 19585 will negate this corrective structure. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19200 44000 19560
Support 2 19160 43820 19470
Resistance 1 19330 44400 19730
Resistance 2 19390 44570 19800


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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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