NIFTY OUTLOOK & OPTION TRADING TIPS FOR 12 SEP 2023

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The markets started the week robustly and gained almost one percent, continuing the prevailing trend. On the benchmark front, Nifty finally tested the new milestone of 20,000 and also settled close to the day's high. Most sectors contributed to this development, with metals and automotive among the biggest gainers. The broader indices traded in parallel and rose over one percent each. The NSE benchmark index Nifty 50 hit the significant 20,000 mark on September 11, rising nearly 1 percent from the previous close. India's benchmark stock market indices have shrugged off global concerns and muted foreign influences, outperforming their foreign peers. Nifty 50 and BSE Sensex have risen over 2 percent each in the last week led by strong domestic macroeconomic data, a breather in August and robust buying from domestic institutional investors. Continuing the prevailing uptrend, the markets started the week robustly, gaining almost one per cent, with the NSE Nifty breaking its record level of 20,000 for the first time and the Sensex reclaiming its level of 60000 after four months. The Nifty rose 176 points on Monday to close at 19996, its all-time high, while the Sensex rose 528 points to end the day at 67127. Technically, the benchmark Nifty maintains strong form for the short term. On daily charts, the index has formed a bullish candle and on intraday charts it is consistently forming a higher high and higher low series formation, which is largely positive. For trend-following traders, 19950 could act as an important support level, above which the index could rise until 20100-20200 . On the other hand, below 19950 traders may prefer to exit long positions and below there could be a quick intraday correction until 19900 -19800.

Resistance: 20100, 20200, 20300

Support: 19950, 19850, 19750

NEXT WEEK NIFTY OUTLOOK FOR TRADING ON 11 SEP TO 15 SEP 2023

WEEKLY RESISTANCE FOR NIFTY: 19850, 19950, 20050

PIVOT POINT: 19800

WEEKLY SUPPORT FOR NIFTY:  19750, 19650, 19550

WEEKLY CHART FOR NIFTY

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The bounce in Indian stocks was clearly visible amid favorable global cues as the benchmark index rose above 19,500 at the opening bell on September 4, 2023. However, the bulls refrained from capitalizing on the lead as Nifty was at the key crucial resistance zone and patiently waited for a decline. And once a slight decline was seen, the bulls seized the opportunity and rallied strongly to regain their presence. Amid the choppy but upbeat trading day, the Nifty50 index ended the session confidently above 19500 and recorded a gain of 0.48% to start the new week. The Indian stock market continued its upward trend for the third consecutive session on September 5, 2023, with broad-based buying reflecting optimism. The benchmark Nifty50 index saw some volatility but remained higher throughout the day, with an interesting bullish undertone. Amid the choppy and lackluster trading session, Nifty maintained its winning streak and settled slightly below 19600, registering a gain of 0.24%. GIFT Nifty took cues from the mixed global bourses and pointed to a mild opening for our markets, reflecting that the benchmark Nifty50 index started the September 6, 2023 session subdued. As the day progressed, the Bulls decided to take some money off the table and decided to remain spectators. By the end of FAG, there was an intense wave of buying that caused the index to rise to intraday highs. Amid the trading rollercoaster, the Nifty50 index continued its winning streak and settled a little above 19600, up 0.18% on the day. The Indian stock market witnessed a brilliant weekly exit session on September 7, 2023, with the benchmark index shooting up the bearish gap on the daily time frame. Strong buying volumes in the broader markets and participation from heavyweights have fueled optimism in the markets. Barring any initial hiccups, bulls firmly took over the markets and headed north throughout the day. Finally, the Nifty50 index ended the session well above 19700, registering a gain of 0.59 % . The benchmark indices ended the week today, September 8, 2023, just a few percent away from the record highs in the run-up to the G20 summit, buoyed by good support from the Bank Nifty (on positive news from the RBI) as well as the PSU and Infrastructure stocks. Despite a weak monsoon, market sentiment was upbeat as PSU stocks across sectors showed positive interest from investors. India's benchmark indices closed higher for the sixth straight session on September 8, with the Nifty above 19800. At the end, the Sensex rose 333 points to 66598 and the Nifty rose 93 points to 19820.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On the upside, we expect 19875, which is around the swing high reached in July. In terms of levels, 19650-19700 is expected to act as a crucial support zone while 19850-19950 is expected to act as an immediate hurdle zone.

 TECHNICALLY SPEAKING

Technically, the Nifty is holding a higher floor formation after a promising reversal pattern and is trading comfortably above the 50- and 20-day SMA (Simple Moving Average), which is largely positive. A long bullish candle has also formed on the weekly charts, supporting further uptrend from current levels. For trend-following traders, 19750-19550 would be the key support levels and above that it could rise until 19975. Further upside could take the market to 20000. On the other hand, the uptrend would be vulnerable below 19500 and could see a short-term correction to the 50-day SMA or 19400-19200.

NIFTY OUTLOOK & RESISTENCE SUPPORT FOR 8 SEP 2023

A small positive candle with a small upper and long lower shadow formed on the daily chart. Technically, this pattern reflects the high volatility of the market. After recently breaking above the crucial downtrend line resistance at 19,450, the Nifty is managing to move steadily higher with lower shadows forming candles in the last three sessions. The breakout of trendline resistance to the upside remains intact.Nifty's short-term trend continues to be positive. One can expect further upward movements in the coming sessions. Any declines to the immediate support of 19,500 are likely to be a buying opportunity on pullbacks. The next upside levels to watch are around 19,800-19,900 in the short term.

NIFTY OUTLOOK & TRADING TIPS LEVEL FOR 7 SEP 2023

Nifty fluctuated between gains and losses and ended September 6 higher. At the close, Nifty rose 0.18% or 36 points to 19611. Volumes on the NSE were higher compared to the recent average. The smallcap index ended narrowly in the red, trailing the Nifty after a gap. The advance-drop ratio fell but remained above par at 1.07:1. After a flat open, Nifty fell near the first support level of 19500 and recovered towards the day's high. The Nifty managed to close above the initial resistance of 19600 but the Bank Nifty closed below 44500 on the day of its first weekly expiry on Wednesday. The market traded positively with the Sensex gaining 0.15% to settle at 65880, 52 closed and the Nifty gained 0.18% intraday to close at the level of 19611.05 while Bank Nifty declined 0.28% to settle at 44409. Among sectors, Nifty FMCG, Nifty Pharma and Nifty Consumer ended in the green while Nifty Metal, Nifty PSU Bank and Nifty IT ended on the lower side. Among Nifty stocks, Divis Lab, Bharti Airtel and Cipla were the biggest gainers while Axis Bank, Hindalco and Tata Steel were the biggest laggards. The INDIA VIX was negative by 1.39% intraday and settled at 10.67. The index has support around the 19500-19300 zone. As for the OI data, on the call side the highest OI is at 19750 followed by a strike price of 19800 while on the put side the highest OI is at a strike price of 19550. On the other hand, Bank Nifty has support at 43800-44200 while resistance lies at 44700-45000.

NIFTY OUTLOOK & TRADING TIPS LEVEL FOR 6 SEP 2023

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While markets extended gains for the third straight session, sentiment remained more or less in a positive-leaning range as US markets were closed on Monday and investors preferred to make selective bets. One needs to watch out for the high volatility of the rupee, which could impact FII flows in the future. Benchmark indices closed higher for the third straight session on September 5, with the Nifty above 19550. At the close, the Sensex rose 152 points to 65780 and the Nifty rose 46 points to 19574.Technically, the Nifty is trading comfortably above the 50- and 20-day SMA (Simple Moving Average) and on intraday charts, it has formed a higher bottom formation that is largely positive. The 19500 level would be the untouchable support zone for Nifty and beyond that the index could rise till 19620-19650. On the other hand, below 19,500, bulls may prefer to exit long positions and could slip to 19,450-19,420.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400     

NIFTY PREDICTION SUPPORT & RESISTENCE 5 SEP 2023

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Nifty opened higher and maintained its steady gains till September 4, barring a small downward move in the morning. The market traded positively with the Sensex gaining 0.37% to close at 65628 and the Nifty gaining 0.48% intraday to close at 19528, while Bank Nifty gained 0.32% to settle settled at 44578. Volumes on the NSE were higher than the recent average. Broad market indices rose more than the Nifty despite the advance-drop ratio being high at 1.69:1. After gapping higher, Nifty fell near Friday's close, bounced higher and managed to close the session near the day's high. The Nifty managed to close above the initial resistance of 19500 and Bank Nifty also showed some strength and closed above the 44500 level. The index has support in the 19225-19275 range. As for the OPen Interest (OI) data, on the call side the highest OI is at 19600 followed by a strike price of 19700, while on the put side the highest OI is at a strike price of 19400. On the other hand, Bank Nifty has support at 43900-44100 while resistance lies at 44900-45100.

Resistance: 19600, 19700, 19800

Support: 19500, 19400, 19300

NIFTY PREDICTION SUPPORT & RESISTENCE 4 SEP TO 8 SEP 2023

WEEKLY RESISTANCE FOR NIFTY: 19500, 19700, 19900

PIVOT POINT: 19400

WEEKLY SUPPORT FOR NIFTY:  19300, 19100, 18900

WEEKLY CHART FOR NIFTY

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Asian markets showed excitement in the morning, leading to a positive start to our markets on August 28, 2023, although not to the same extent. Prices gradually moved higher throughout the day, but as Nifty approached key intraday levels in the second half, some restraint was clearly visible. As a result, some of the gains were pared away, ending the day slightly in the green above 19300. On August 29, 2023, major market indices started the day on a positive note, but the overall market did not gain much traction as the benchmark Nifty index remained within a narrow intraday range of around 50 to 70 points. Finally, prices rose slightly by 0.19% to close just below 19350. On August 30, 2023, US stock markets performed well overnight and this positive trend was also seen in Asian markets in the morning. Our markets then started the day with a gap-up opening. However, there was no follow-up buying on the initial gains and Nifty stayed in a very tight range for most of the day. This was followed by profit booking in the penultimate hour, which expanded towards the end and wiped out the morning's gains. Nifty finally ended flat, slightly below the 19350 mark, without much change. On the month expiry day, August 31, 2023, Nifty started with a slightly positive trend. However, as the day progressed, prices gradually declined and any attempts at an intraday rally were met with selling pressure. There was some recovery from the bulls towards the end of the session, but ultimately prices closed with a decline of 0.48%, just above the 19250 level. Domestic equities drove impressive growth in India's GDP and core sector output in the first quarter . Upstream oil companies were in the spotlight as Brent crude rose to a one-month high on tighter U.S. inventories and Russia signaled it would curb oil exports. Nifty reversed the August 31 decline and closed higher on September 1. Nifty rose 0.94% or 181 points to 19435. Volumes on the NSE were higher than the recent average. Broad market indices rose less than the Nifty even as the advance-drop ratio remained stable at 1.69:1.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty has started the September series on a bullish note, as the index has moved above the 21EMA for the first time in several days. This suggests the potential for a bullish reversal. Additionally, the index has broken out of a falling channel, further indicating increasing bullish sentiment. Looking at the higher end of the spectrum, there is now a resistance level at 19550 points. If the Nifty manages to breach this resistance, it could signal a continuation of the uptrend. On the lower end, there is strong support at 19350 points.

 TECHNICALLY SPEAKING

Technically, the Nifty has formed a double bottom formation on both the daily and intraday charts, indicating a strong possibility of a renewed uptrend rally from current levels. Additionally, a long bullish candle on the daily chart also supports a further uptrend from the current level. For bulls, 19350 would now act as an untouchable support zone. Above this value, the index could rise to 19600. However, below 19400, the uptrend would be vulnerable and the index could slip to 19300-19200. Nifty formed a near Engulfing bull pattern on Sept 01. On weekly charts it rose 0.88% following the inverted hammer pattern formed in the previous week. It could now head towards 19600 while 19225 could offer support.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 31 AUGUST 2023

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Asian stocks rose on Wednesday as weaker economic data from the US sparked a global stock rally on expectations the Federal Reserve would pause on interest rate hikes. Indian markets were also up today, following the gains of their global peers. All major industry indices posted gains, with IT, auto and metals stocks gaining the most. European stock markets also rose at the start of trading on Wednesday after strong gains in the previous session, as traders expect an end to interest rate hikes. London's benchmark index, the FTSE 100, rose 0.4%. In the eurozone, Frankfurt's DAX index rose 0.1% and Paris' CAC 40 rose 0.2%. Market participants now await the U.S. consumer spending price index, due on Thursday, and nonfarm payrolls data on Friday for further clues on the Fed's rate hike path.From a technical perspective, the Nifty Index has slipped below its 20-day and 50-day moving averages (DMAs). This signals a near-term bearish bias. The key support levels to monitor are 19175 and 18850. On the upside, the 19450-19575 area is turning out to be a critical resistance zone, the break of which could pave the way for some positive momentum. As for the Banknifty Index, it is currently striving to maintain its 44000-44200 level. DMA around the 43800 mark. However, a significant increase in strength would require capturing the supply zone of 44800-45000. A drop below the 100-DMA could potentially lead to a retest of the 43200-DMA near 43000.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 30 AUGUST 2023

Tuesday 29 august 2023. While Sensex gained over 77 points or 0.12% to close at 65,075, Nifty gained 0.19% or 37 points to close at 19,342. Nifty has been directionless for the past three trading sessions, floating in the narrow range. The 50-day EMA at 19300 is likely to act as support for Nifty, while the 20-day EMA at 19450 is likely to act as resistance. Violating the 19450-19300 range on either side could put the Nifty back on track. The Nifty small-cap and mid-cap indices have managed to consistently post new values ​​on a closing basis. The breadth of the market is very strong, with more than 83% of NSE 500 stocks placing above their respective 200-day moving averages.

NIFTY OUTLOOK & NIFTY TRADING TIPS FOR 29 AUG 2023

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The AGM held by Reliance was largely uneventful for the market. The most important highlight was the succession plan. However, the company's stock fell as there were no clear timelines for its IPOs in the telecom and retail sectors. Currently, the market's attention is shifting to the global scenario, which shows a certain degree of stability. Nevertheless, ongoing uncertainties on a global level, particularly due to developments in the US and China, continue to affect market sentiment. Nifty posted a two-day decline and closed higher on August 28 on positive global signals. At the close, Nifty was up 40 points to 19306.

From a technical perspective, the Nifty Index has slipped below its 20-day and 50-day moving averages (DMAs). This signals a near-term bearish bias. The key support levels to monitor are 19175 and 18850. On the upside, the 19450-19575 area is turning out to be a critical resistance zone, the break of which could pave the way for some positive momentum. As for the Banknifty Index, it is currently striving to maintain its 44000-44200 level. DMA around the 43800 mark. However, a significant increase in strength would require capturing the supply zone of 44800-45000. A drop below the 100-DMA could potentially lead to a retest of the 43200-DMA near 43000.

Resistance: 19350, 19450, 19550

Support: 19250, 19150, 19050

NIFTY PREDICTION FOR NEXT WEEK SUPPORT & RESISTENCE 28 AUG TO 1 SEP 2023

WEEKLY RESISTANCE FOR NIFTY: 19200, 19400, 19600

PIVOT POINT: 19000

WEEKLY SUPPORT FOR NIFTY:  18800, 18600, 18400

WEEKLY CHART FOR NIFTY

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On August 21, 2023, the market put an end to its two-day losing streak as improved risk sentiment prevailed, despite ongoing economic concerns in China and a dovish stance from the Federal Reserve (Fed). Nifty experienced an upward trend on this day, primarily driven by buying activity in the metals, energy, and IT sectors. By the closing bell, Nifty had gained 83 points, reaching a value of 19393.However, on August 22, Nifty's performance was characterized by fluctuations between gains and losses. Even though global markets provided support, Nifty closed nearly unchanged, merely 3 points higher at 19396. During this period, trading volumes on the NSE continued to decline.The subsequent day, August 23, saw domestic stocks rebounding after a weak start, led by a rally in bank stocks. The BSE benchmark Sensex demonstrated a rise of 213 points, concluding the session at 65433. Simultaneously, the Nifty also recorded a climb of 43 points, settling at 19439. A crucial upcoming factor affecting the Indian rupee is the anticipated landing of the Chandrayaan-3 mission on the moon. This event is expected to prompt additional Foreign Portfolio Investor (FPI) inflows. The successful landing, scheduled around 6 p.m. on August 23, 2023, could further contribute to positive momentum for the rupee. On 24 august conversely, the Nifty 50 index experienced a decline of 57 points, closing at 19386, while the Sensex faced a setback of 180 points, ending at 6525. On the other hand, the Bank Nifty index managed a modest gain of 17 points, closing at 44496. On Friday 25 august Benchmark indices ended lower on August 25 with Nifty around 19,250 amid selling across the sectors.At close, the Sensex was down 365.83 points or 0.56 percent at 64,886.51, and the Nifty was down 120.90 points or 0.62 percent at 19,265.80. About 1446 shares advanced, 2079 shares declined, and 110 shares unchanged.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On Friday, Nifty breached the crucial support of the short-term moving average, specifically the 50 EMA, signaling a negative sentiment. Our focus now shifts to 19,100 as the upcoming support level. Despite this, the sectoral landscape is expected to maintain a mixed trend, providing trading opportunities on both bullish and bearish sides. It's advised to strategize your trades accordingly.

 TECHNICALLY SPEAKING

The Nifty began the day with a gap down opening, followed by a day of volatile price fluctuations. Ultimately, it concluded with a negative close, down approximately 120 points. Analyzing the daily charts, the selling pressure that was evident in the previous trading session persisted today as well. Notably, the index reached the 38.2% Fibonacci retracement level at 19,245, a significant level to monitor closely.Looking at the weekly charts, the Nifty has recorded five consecutive weeks of negative closure, underscoring a lack of buying interest. This trend is reinforced by the negative crossovers observed in the weekly, daily, and hourly momentum indicators, signaling a sell pattern. Consequently, both price and momentum indicators align to suggest a continuation of the ongoing descent.In summary, our negative perspective on the index remains intact with a target set at 19,100. Crucial support levels are established at 19,200 – 19,180, while an immediate hurdle is positioned at 19,360 – 19,400.Shifting to the Bank Nifty, the attempted pullback rally has faltered within the 44,900 – 45,000 range, encountering resistance characterized by the 50% Fibonacci retracement level. Discordant signals from the daily and hourly momentum indicators imply an impending consolidation phase. This consolidation is likely to span between 44,800 and 43,900.

Nifty Trading Outlook : Anticipating Market Trends

As traders gear up for the trading session ahead, it's prudent to assess the potential outlook for the Nifty index. While predicting market movements with certainty is challenging, we can analyze current trends and factors to provide an informed perspective on what tomorrow might hold for Nifty trading.

Technical Analysis: Analyzing recent price patterns and technical indicators can offer insights into potential market directions.

Support and Resistance Levels: Examine key support and resistance levels that Nifty has been interacting with. These levels could act as barriers or launch pads for price movements.

Moving Averages: Evaluate how Nifty's current price relates to various moving averages (e.g., 50-day, 200-day). Crossovers and divergences can signal shifts in momentum.

Relative Strength Index (RSI): Consider the RSI reading to gauge whether Nifty is overbought or oversold, indicating potential reversals.

Recent News and Events: Market sentiment can be influenced by significant news and events:

Economic Data: Monitor the release of economic indicators such as GDP growth, employment data, and inflation. Positive or negative surprises can impact market sentiment.

Global Factors: Assess international events that might impact Nifty, including geopolitical developments, monetary policy changes, and global market trends.

Corporate Earnings: Keep an eye on earnings reports of major companies. Strong earnings could boost market confidence.

Sectoral Performance: Analyze the performance of various sectors within the market:

Leaders and Laggards: Identify sectors that have been outperforming or underperforming. This can provide insights into where market interest is concentrated.

Sector-Specific News: Look for sector-specific news that could influence performance, such as regulatory changes or technological advancements.

Market Sentiment: Market sentiment is a crucial driver of short-term movements:

Market Participants: Consider the sentiment of retail traders, institutional investors, and foreign investors. Their actions can shape market trends.

Options and Futures Data: Review options and futures data to gauge where large players are positioning themselves.

Caution Amid Uncertainty: While analysis can offer valuable insights, it's essential to remember that markets can be unpredictable:

Unexpected Events: Black swan events can swiftly change market dynamics. Always be prepared for unexpected developments.

Risk Management: Maintain prudent risk management practices, such as setting stop losses and diversifying your portfolio.

Long-Term Goals: While short-term outlooks are important, align your trading strategy with your long-term financial goals.

Conclusion: As you prepare for tomorrow's Nifty trading session, consider the insights provided by technical analysis, recent news, sectoral performance, and market sentiment. However, always approach trading with caution, as market conditions can change rapidly. By staying informed, adapting to evolving trends, and remaining disciplined in your trading strategy, you can navigate the Nifty market with a greater understanding of potential opportunities and risks.

NIFTY SUPPORT RESISTANCE FOR TRADING ON EXPIRY 23 AUG 2023

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After a weak open, domestic stocks rose on Wednesday, led by a rally in bank stocks. The BSE benchmark Sensex rose 213 points to close at 65433, while the Nifty climbed 43 points, to end the session at 19439. An upcoming key trigger for the rupee is the landing of the Chandrayaan-3 missions on the moon, which is expected to lead to further FPI inflows. The expected successful landing, scheduled for around 6 p.m. on Aug. 23, 2023, could further add to the rupee's positive momentum.

The Nifty continues to trade in the broader 19350 and 19475 range. On the daily time frame, the Nifty Index oscillated between the limits set by the 21-day EMA (Exponential Moving Average) at 19475 and the 50-day EMA at 19285. Looking ahead, the Nifty is likely to maintain this range bound move as long as it stays within these set thresholds. A clear break above 19500 could potentially trigger a rally towards higher levels

Resistance: 19500, 19600, 19700

Support: 19400, 19300, 19200

NIFTY OUTLOOK FOR 23 AUG 2023

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Nifty vacillated between gains and losses on August 22, closing almost unchanged despite supportive global markets. At the close, Nifty was 3  points to 19396. Volumes on the NSE continued to decline. Broad market indices gained 0.9-0.95%, beating the Nifty, although the advance drop ratio remained stable at 1.79:1. Global stocks extended their comeback rally on Tuesday. Asian stock markets snapped an eight-day losing streak on Tuesday, helped by a rebound in beaten-down Chinese shares. European stocks rose driven by a 1.8% jump in the tech sector on optimism surrounding the world's most valuable chipmaker Nvidia ahead of its quarterly results on Wednesday. Meanwhile in the US, benchmark 10-year yields climbed to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date.The Nifty opened on the upside and enjoyed another trading day within a range. It finished slightly in the green with a gain of ~3 points. Looking at the daily charts, we can observe that the Nifty failed to break above the resistance trend line and successfully capped the rise. On the other hand, the 40-day moving average (19365) acts as the key support level and absorbs all selling pressure. Therefore, the Nifty is range bound and until the Nifty falls below the 19475-19425 zone we can expect the selling pressure to continue. We continue to maintain our negative outlook for the index. On the downside, we anticipate the Nifty targeting 19200 levels. The key support lies at 19350-19250, while the immediate hurdle lies at 19500-19550. Bank Nifty has attempted to stay above 44000 but experienced selling pressure throughout the day and closed just near the red. A pullback to major hourly moving averages in the 44000 - 44200 range provides strong resistance. Unless Bank Nifty manages to stay above the resistance zone, we can expect the selling pressure to continue. On the downside, the Nifty Bank Nifty can slip towards 43700 from a short-term perspective.

Resistance: 19450, 19550, 19650

Support: 19350, 19250, 19150

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 22 AUG 2023

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The market ended its two-day losing streak as risk sentiment improved despite ongoing economic concerns in China and a dovish Fed stance. Nifty closed higher on Aug. 21, helped by buying in metals, energy and IT stocks. At the close, Nifty was up 83 points to 19393. Volumes on the NSE fell sharply compared to the recent average. Foreign Portfolio Investors (FPIs) were watched as covering their short positions last Friday (18th August), taking the FPIs' long-short ratio to 42.04% from 39.46% on 17th August . Broad market indices rose more than the Nifty, despite the advance-drop ratio rising to 1.51:1. Technically, Nifty could continue the sharp recovery once it surpasses the 19537 level. On the other hand, if Nifty falls below the 19251 level, bears will become active.The index has formed a morning star candlestick pattern on the daily chart. This bullish reversal pattern formation around the 50-day exponential moving average (DEMA) at 19270 and the 50% Fibonacci retracement at 19323, drawn from the June 26th low of 18647 to the July 20th high of 19992 to give an impression of this I hope for bulls in the coming days. The 19275 level on the downside will serve as strong support for Nifty, while a close above today's high of 19450 may result in the creation of new long positions. On an intraday basis, Bank Nifty broke the key resistance level of 44000 to close at 44002, up 151 points. Short covering was seen at 43700 and 44000 strikes, leading to a sharp rise in the index today. Bank Nifty has been consolidating in the 43800 to 44200 range for the past five trading sessions. A decisive breakout on either side of the range may provide clues on the future direction of Bank Nifty.

NIFTY WEEKLY OUTLOOK & OPTION TIPS FOR 21 AUG TO 25 AUG 2023

WEEKLY RESISTANCE FOR NIFTY: 19500, 19700, 19900

PIVOT POINT: 19200

WEEKLY SUPPORT FOR NIFTY:  19000, 18800, 18600

WEEKLY CHART FOR NIFTY

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Indian equity benchmarks the Nifty 50 and Sensex edged higher in Monday's 14 August 2023 trading session after breaking two-session weakness after India's wholesale price index (WPI) inflation for July eased, but with a smaller-than-expected decline. There was buying interest in FMCG and IT stocks. Market participants will now be watching US July Retail Sales, Japan second quarter Gross Domestic Product (GDP) and Industrial Products data, and China July Industrial Production and Retail Sales. Indian markets will remain closed on Tuesday 15th August for Independence Day. Sensex was up 79 points, at  65401, while Nifty was up 6 points at 19434. 15 august 2023 market was closed on accounts of Independence Day. The benchmark indices ended a highly volatile session on Aug. 16 with a positive Nifty reading of around 19450. To finish, the Sensex was up 137 points to 65539 and the Nifty was up 30 points, to 19465. While volatility remained the ongoing theme, markets rallied in late trade on buying in IT, property and energy stocks, although metals came under pressure on fears that slowing demand in China could hurt sentiment going forward. Despite the recovery, markets are likely to be affected by choppy trends in the near term on concerns that higher inflation in both the domestic and global economy could delay the end of the rate hike cycle and slow growth further. Markets showed resilience in the face of weak global signals, ending just in the green. After the initial downtrend, Nifty gradually rose throughout the day, recouping all the loss to close at the 19465 level. Meanwhile, a mixed trend on the sector front kept traders on their toes, with real estate, autos and pharmaceuticals attracting buying interest while metals and banks remained subdued. The increasing impact of weak global signals hampered the ability of domestic markets to recover, resulting in continued selling pressure. The Fed's release of minutes revealed a mixed stance among its members on the need for further rate hikes, in contrast to the previously expected interest rate pause. At the same time, the Indian rupee fell as the dollar index topped 103; However, the likely RBI intervention offered some support. Additionally, the rise in US bond yields is expected to limit the inflow of foreign investment into the Indian market and further influence market dynamics. Benchmark indices ended lower on August 17 with the Nifty below 19400 amid selling across all sectors except PSU banks. At the close, the Sensex was down 388 points,to 65151 and the Nifty was down 99 points, to 19365. It turned out to be a roller coaster ride on Friday as Nifty oscillated on both sides and ended lower. Meanwhile, the majority of sectors felt the heat wherein IT, realty and pharma were among the top losers. The broader indices too traded in sync and lost nearly half a percent each. Benchmark indices ended lower in the volatile session on August 18 with Nifty around 19,300.At close, the Sensex was down 202 points at 64948, and the Nifty was down 55 points at 19310.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

The index has consistently remained below its 21-day Exponential Moving Average (EMA), a sign that underscores the prevalence of a bearish trend. On the lower end, support is placed at 19250. A fall below 19250, may trigger a correction towards 19000 and lower. On the higher end, resistance was placed at 19500.

 TECHNICALLY SPEAKING

The Nifty experienced another weak trading day. It closed down ~55 points. On the daily charts, we can observe that the Nifty has closed well below the 40-day moving average (19358), which is a sign of weakness. Due to the decline in recent trading sessions, the Nifty also closed in the red for the fourth straight week and the weekly momentum indicator has also triggered a negative crossover, suggesting the weakness is starting on a higher timeframe. The lower upper and lower bottom formation is still intact and hence the downtrend is intact. On the other hand, we expect the Nifty to target a 19100 level.

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The increasing impact of weak global signals hampered the ability of domestic markets to recover, resulting in continued selling pressure. The Fed's release of minutes revealed a mixed stance among its members on the need for further rate hikes, in contrast to the previously expected interest rate pause. At the same time, the Indian rupee fell as the dollar index topped 103; However, the likely RBI intervention offered some support. Additionally, the rise in US bond yields is expected to limit the inflow of foreign investment into the Indian market and further influence market dynamics. Benchmark indices ended lower on August 17 with the Nifty below 19400 amid selling across all sectors except PSU banks. At the close, the Sensex was down 388 points,to 65151 and the Nifty was down 99 points, to 19365.The Nifty had a weak trading day today. It opened on a negative note and continued to trend lower throughout the day to close around 100 points down. Looking at the daily charts, we can observe that the Nifty has been range bound between 19300 and 19500 for the last three trading sessions. On the other hand, the 19350-19450 zone, where support is placed in the form of the 40-day moving average and daily lower Bollinger Band, acts as crucial support, while the 19550-19650 zone, where the falling resistance trend line acts as resistance . Thus, the Nifty consolidates between these two parameters. The daily and hourly momentum indicators are showing a negative crossover, which is a sell signal. Overall, there are no signs of a turnaround and therefore the short-term outlook is negative. On the other hand, we expect the Nifty to target a 19200 level. Bank Nifty closed in the red for the sixth straight year. It has reached the 20-week moving average (43850) and hence the decline from current levels may not be severe. The trend is still negative but oversold and we can see divergence on the hourly charts, suggesting that a fall is possible in the next few trading sessions. The pullback can reach 44200-44600.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 17 AUG 2023

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The benchmark indices ended a highly volatile session on Aug. 16 with a positive Nifty reading of around 19450. To finish, the Sensex was up 137 points to 65539 and the Nifty was up 30 points, to 19465. While volatility remained the ongoing theme, markets rallied in late trade on buying in IT, property and energy stocks, although metals came under pressure on fears that slowing demand in China could hurt sentiment going forward. Despite the recovery, markets are likely to be affected by choppy trends in the near term on concerns that higher inflation in both the domestic and global economy could delay the end of the rate hike cycle and slow growth further. Markets showed resilience in the face of weak global signals, ending just in the green. After the initial downtrend, Nifty gradually rose throughout the day, recouping all the loss to close at the 19465 level. Meanwhile, a mixed trend on the sector front kept traders on their toes, with real estate, autos and pharmaceuticals attracting buying interest while metals and banks remained subdued. The broader indices also posted a similar trend as the smallcap index managed to gain over half a percent while the midcap index ended flat. Recent move shows struggle around 19450 at Nifty and weak global clues could weigh on sentiment going forward. In the event of a recovery, the 19525-19625 zone would be difficult to breach. We therefore reiterate our view to monitor positions and continue to focus on risk management.

Resistance: 19500, 19700, 19900

Support: 19400, 19200, 19000

NIFTY WEEKLY OUTLOOK FOR 14 AUG 2023

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On August 11, the benchmark indices concluded the trading day with consecutive declines, and the Nifty closed below the 19,450 mark. The Sensex finished lower by 365.53 points or 0.56 percent, settling at 65,322.65, while the Nifty experienced a decrease of 114.80 points or 0.59 percent, ending at 19,428.30. Of the shares traded, 1491 advanced, 1988 declined, and 136 remained unchanged.The Nifty’s top performers included HCL Technologies, Titan Company, Power Grid Corporation, UltraTech Cement, and Reliance Industries, whereas IndusInd Bank, NTPC, SBI Life Insurance, Divis Labs, and UPL were among the prominent losers.Within different sectors, the PSU Bank index recorded a gain of 1.2 percent, in contrast to the pharma index which saw a decline of 1 percent. Additionally, the bank, auto, FMCG, metal, and oil & gas sectors all experienced a decrease of 0.5 percent each.Prediction For Monday NIFTY can go up if it goes above 19500 or go down after the level of 19400 but all depend upon the Global cues.Today nifty opened in yesterday’s range after that it goes in the downward direction just after that it was in a range with high volatility and closed near today’s low. For Monday market can go in any of direction depending on the US market. So just follow the level above. 

NIFTY OUTLOOK FOR 11 AUG 2023

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Nifty fell on August 10, post a hawkish sounding RBI MPC meet outcome. At close, Nifty was down 0.46% or 89 points at 19543. Volumes on the NSE were higher than recent average. Broad market indices fell less than the Nifty even as the advance decline ratio dipped below par at 0.78:1.Global benchmarks mostly rose Thursday ahead of a closely watched US inflation report that investors expect will influence the Federal Reserve’s next policy move. Some Asian stocks were down on Thursday, still reeling from China's slip into deflation.The RBI MPC at its meet on August 10 held the rates and stance unchanged even with a sharp increase in inflation forecast from 5.1% to 5.4% for FY24. We expect rate cut perhaps in Q1FY25 but that would be data dependent. Banks may not help Nifty to continue to rise and focus could shift to other sectors in the near term.Nifty is finding it tough to cross 19645 on the up but keeps taking support at 19440. A break of this band on either side could determine the near future trend of the Nifty.