NIFTY WEEKLY OUTLOOK & TRADING TIPS FOR 3 OCT TO 6 OCT 2023

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WEEKLY RESISTANCE FOR NIFTY: 19800, 20000, 20200

PIVOT POINT: 19600

WEEKLY SUPPORT FOR NIFTY:  19500, 19300, 19100

WEEKLY CHART FOR NIFTY

The week began on September 25, 2023 without any significant movement and as the day progressed, the leading index showed no clear direction. Prices experienced volatile movements within a certain range and finally closed near the opening levels and showed no significant change from Friday's closing levels. On September 26, the benchmark index once again started the session on a flat note, and as the day progressed, prices continued to move in a narrow range of around 50 points. Ultimately, prices ended the session relatively unchanged and did not deviate significantly from last Friday's closing prices. The benchmark Nifty index witnessed a sluggish start to the trading session on September 27. As the day progressed, this weakness continued in the first few hours, with prices testing levels around the 19550 mark. However, this decline proved to be an attractive buying opportunity as an increase in buying activity from there not only helped offset the morning's losses but also resulted in the index closing up 0.26%, reaching the mark of Recaptured 19700 with ease. After a robust close on Wednesday, the start of the monthly expiration session on September 28, 2023 showed positive sentiment. However, there was a lack of sustained buying interest, causing prices to gradually decline, erasing morning gains. As the monthly expiry progressed, the breakout of key intraday levels led to increased selling pressure, which ultimately resulted in prices closing with a significant decline of around one percent, closing just above the 19,500 mark. On the first day of the October series on September 29, Indian markets started strong and continued to extend gains during the session, except for the last 45 minutes of trading where Nifty recorded marginal profit booking and fell more than 100 points from the day's high in 19726. Nifty ended the week down 0.18% and closed at 19638.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty ended September with gains after a weak August close. The recent selling pressure stopped around the 50EMA. However, we need to close above 19,750 to see a decent recovery in the short term. A narrow or sustained move above 19,750 could take Nifty on a run towards 20,500-20,700. On the other hand, a fall below 19,470 could trigger the resumption of the downtrend.

 TECHNICALLY SPEAKING

On the daily charts, we can see that the Nifty has not witnessed any further selling pressure since the previous trading session. In fact, it managed to close above the 19600 zone, which is a positive sign. On the hourly charts we can observe an impulse, i.e. a pullback is high. Therefore, both the price and momentum indicators suggest that there may be positive momentum in the next trading sessions. In terms of levels, 19500-19480 is the crucial support zone while 19780-19840 is expected to act as an immediate hurdle zone.