Tuesday, September 19, 2023

NIFTY PREDICTION & OPTION TRADING TIPS FOR 20 SEP 2023

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Benchmark indices ended lower in the volatile session on September 18 with the Nifty trading below 20,150. At the close, the Sensex was down 241 points at 67596 and the Nifty was down 59 points percent at 20133.  The Nifty index has consolidated within a wide range with notable call writing activity observed at higher levels. This suggests that market participants are cautious and have sold call options to hedge against possible downside moves. The index's sideways trend is expected to continue in the coming trading sessions. This is due to the anticipation of the outcome of the US Federal Reserve (US Fed) meeting, which is a significant event that may impact global financial markets. The index has support at the 20100 level and resistance at 20200. A break on either side. A deviation from this range is likely to result in trend moves with potential impact on market direction.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400     

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