NIFTY WEEKLY REPORT OUTLOOK FOR TRADING ON 18 SEP TO 22 SEP 2023

WEEKLY RESISTANCE FOR NIFTY: 20250, 20350, 20450

PIVOT POINT: 20150

WEEKLY SUPPORT FOR NIFTY:  20050, 19950, 19850

WEEKLY CHART FOR NIFTY

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Despite the muted signals from the Asian markets, our markets started the week of September 11, 2023 on a positive note. Subsequently, prices witnessed a gradual increase in buying throughout the day, without any significant declines during the day. Finally, Nifty added another 0.89% to the bull market and closed just below the 20,000 mark. After a milestone close just below the 20,000 mark, Nifty started with a robust gap-up open on September 12, 2023. Still, there was widespread profit-taking from the start, leading to weakness in the early hours of trading. Eventually, certain IT stocks and market heavyweights jumped in, limiting the extent of profit booking in the benchmark index. Amid this eventful day, the Nifty closed with no significant changes from the previous close and remained slightly below the 20,000 mark. Our markets began the day, September 13, 2023, with a flat sentiment, but an initial decline soon followed, causing concern among traders. Nevertheless, bulls viewed this as an opportunity and there was strong, widespread buying activity that continued throughout the trading session. Ultimately, the Nifty index closed with a gain of 0.38% at 20070. On the weekly expiration day, September 14, 2023, the benchmark index had a positive start, but there was no significant momentum after the open, leading to a period of price consolidation within a range. Finally, Nifty ended the session with a slight gain of 0.16% to close a little above 20100. Domestic stocks continued their winning rally on Friday, September 15, 2023, while Sensex extended its winning streak for the 11th consecutive session. Sensex gained 319 points to close at 67,838 while Nifty climbed 89 points to end 20192. In the intraday session, Sensex touched an all-time high of 67927 while Nifty 50 crossed the 20200 mark to touch 20222.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty continued its gradual move up on Friday with a 93 points intraday high low range. Post the making of fresh life highs, Nifty’s upward momentum has been calibrated. On weekly charts Nifty gained 1.88% almost matching the previous week’s rise. Nifty could now stay in the 19900-20400 band for the near term.

 TECHNICALLY SPEAKING

The Nifty opened on a positive note and consolidated in a range to end the day on a positive note with a gain of ~89 points. On the daily charts, we can observe that the upward movement of Nifty has slowed down since the last three trading sessions. The climb was flat. We attribute this price movement to having reached the 20100-20200 zone where the weekly upper Bollinger band lies, resulting in a muted price movement. Although the hourly momentum indicator has a positive crossover, it is showing signs of negative divergence that should not be underestimated. Overall, the near-term outlook is positive, but given the strong rise since the last three trading sessions, we should adopt a cautious stance and be prepared for a correction. In terms of levels, 20050-19950 is the crucial support zone while 20200-20300 is expected to act as an immediate hurdle zone.