Weekly Market Outlook for 9 October to 13 October

Weekly Market Outlook October 9th, 2023

by Ruchit Jain Last Updated: Oct 09, 2023 - 11:59 am 829 Views
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Our markets initially continued its corrective phase during the week gone by as nervousness was seen in the global markets due to rising US bond yields. However, Nifty recovered from the mid-week low of 19333 and ended around 19650.

Nifty Today:

 At last week’s low of 19333, Nifty witnessed some buying interest and it formed an ‘Island Reversal’ pattern on the daily charts. The mentioned pattern is a trend reversal pattern in technical analysis and formation of the same after a corrective phase is a positive sign. However, the index has not yet surpassed the important hurdle which is placed in the 19750-19800 range and the recent short positions formed by FIIs in the index futures segment are still intact. Hence, traders should keenly watch the above mentioned zone for a confirmation of a resumption of the uptrend. Until the data changes and the index surpasses its crucial hurdles, this could be just a pullback move and maybe our markets would see some time-wise correction if not more price correction. On the lower side, 19500-19450 will be the immediate support range to watch out for, followed by positional support around 19300. From the coming week, corporate results too would have an impact on stock specific moves and hence one should be watchful on those events.

Nifty recovers from mid-week lows but midcaps in consolidation phase

Market Outlook Graph 6-October-2023

The Nifty Midcap100 index too seems to be going through a consolidation phase since last couple of weeks thus, a lot of stock specific action could now be seen on both sides of the trade. One should be very selective within this space and look for stocks with bullish price volume action only from a short term trading perspective.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19550 44230 19730
Support 2 19500 44100 19650
Resistance 1 19720 44620 19880
Resistance 2 19780 44750 19950

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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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