Tuesday, September 12, 2023

NIFTY OUTLOOK & OPTION TRADING TIPS FOR 13 SEP 2023

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The benchmark indices ended the extremely volatile session on September 12 with little change. At the close of trading, the Sensex was up 94 points at 67221 and the Nifty was down 3 points at 19993. Markets showed early signs of cooling after seven consecutive gains. Major indices ended mixed in a session marked by volatility early in trading but then moved in a trading range. The lull in other Asian and European indicators also prompted investors to take a cautious path and resort to selective profit-taking. After a notable move higher last week, the market came under selling pressure from higher levels. Call writers have significantly increased open interest on the 46,000CE strike, which is now acting as a strong resistance level. On the other hand, the important support is seen at 45,200 and if it manages to hold this support, we could see some recovery towards the 45,600 or 45,800 levels.

Resistance: 20100, 20200, 20300

Support: 19950, 19850, 19750

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