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Benchmark indices ended lower in the volatile session on October 31, with the Nifty below 19100. At the close, the Sensex was down 237 points at 63874 and the Nifty was down 61 points at 19079. About 1830 stocks rose, 1675 stocks declined and 117 stocks remained unchanged. Markets fell marginally in a dull session, taking a breather after the recent rebound. After the initial uptrend, Nifty moved in a narrow band until the end and finally settled around the day's low at 19,085. Most sectors performed in step with the trend, with automobiles, pharmaceuticals and banking being the biggest losers. Meanwhile, resilience across the board kept traders on their toes. We reiterate our negative view on the index, however a mixed trend on the sector front offers opportunities on both sides. Traders should tailor their trades accordingly, with an emphasis on overnight risk management.

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Indian equity benchmarks broke a six-day losing streak as the Nifty50 ended up 1% on October 27, the first day of the November F&O series, supported by buying across sectors. The index opened on positive Asian signals and rose above 18900. During the day, it extended its gains and reached the 19000 mark again. Nifty snapped a six-day losing streak on October 27 and ended higher aided by positive global cues. At close, Nifty was up 1.01% or 190 points at 19047. It formed a long bearish candle on the weekly chart after losing 2.5% over the week. After relentless selling in the last few days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed well below the critical collapse level of 19250. As long as it stays below 19200, the market may continue to be inclined to sell on upsides. On the other hand, weakness will resume if the index falls below 18750. This is because put writers are likely to defend the Nifty with significant positions at 18750, with immediate support at 18900. The Nifty Bank index started the new series with a gain of 0.6% and extended its gains throughout the day. It pared losses from the previous session and closed 1.2% higher at 42,782. For Bank Nifty, 42400-42200 would act as untouchable support zones, above which it can rise up to the 200-day SMA (simple moving average) or 43400-43600level. On the other hand, the uptrend would be vulnerable above 42500.   

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NSE STOCK RESULT ON 27 OCT 2023

Bajaj Finserv Ltd

Bajaj Holdings & Investment Ltd

Blue Dart Express Ltd

Cipla Ltd

City Union Bank Ltd

Dr Reddys Laboratories Ltd

Indian Overseas Bank

Intellect Design Arena Ltd

Latent View Analytics Ltd

Mahindra & Mahindra Financial Services Ltd

Mahindra Lifespace Developers Ltd

Maruti Suzuki India Ltd

Piramal Pharma Ltd

SBI Life Insurance Company Ltd

Schaeffler India Ltd

Sumitomo Chemical India Ltd

Supreme Petrochem Ltd

TTK Prestige Ltd

ZF Commercial Vehicle Control System India Ltd

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Nifty fell again for the sixth straight session on October 26, even as a string of poor corporate results in the US cast a shadow over global risk appetite, already dented by the conflict in the Middle East. At the close, Nifty fell 1.39% or 264 points to 18857. Volumes increased on the NSE, suggesting selling pressure comes with bottom fishing by bulls. Broad market indices fell less than the Nifty, although the advance-drop ratio improved to 0.75:1. The Nifty opened the gap lower and continued to drift lower throughout the day to close in the red with a loss of ~265 points. Since the last three trading sessions, the Nifty has corrected 700 points and appears oversold on the hourly time frame chart. The Nifty has now reached the support group of 18850– 18800, where support lies in the form of the 40-week move that moves the weekly lower Bollinger band. Considering that Nifty has reached a support zone and is looking oversold on the hourly charts, we can expect a decline to 18900– 19000, however, this is probably just a temporary pause in the overall downtrend. On the other hand, the Nifty is likely to drift towards the 18600 mark in the short term and the interim setbacks should be used as a selling opportunity. In terms of levels, 18700– 18500 is likely to act as a crucial support zone while 19000 – 19500  is the immediate hurdle zone. Bank Nifty is heading towards the psychological support of 42000. The decline was very sharp and appears to be oversold, increasing the likelihood of a pullback. The pullback can be expected until 42400 – 42500, but it is unlikely to lead to a trend reversal. Overall, the trend is negative and we expect a short-term target value of 40800.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400     

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Benchmark indices ended lower for the third consecutive day on October 20, with the Nifty at around 19550. At the close, the Sensex was down 231 points at 65397 and the Nifty was down 82 points at 19542. About 1333 stocks rose, 2234 stocks declined and 141 stocks remained unchanged. Amid the volatility and choppy trading, markets came under renewed pressure and closed in the red. Markets experienced pessimism following hawkish comments from the US Federal Reserve Chairman, who suggested that the rate hike would continue to combat inflation. Benchmark indices also remained vulnerable given the simmering geopolitical tensions in the Middle East. Technically, Nifty could find support at the 19501 level while a rise would only be seen if the index clears its biggest hurdle at the 19887 level.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400     

STOCK MARKET VIEW FOR TRADING ON 19 OCT 2023

STOCK RESULT FOR 19 OCT 2023

Coforge Ltd

Cyient Ltd

Equitas Small Finance Bank Ltd

Hatsun Agro Product Ltd

Havells India Ltd

HFCL Ltd

Hindustan Unilever Ltd

ITC Ltd

Mastek Ltd

Mphasis Ltd

Nestle India Ltd

Tanla Platforms Ltd

Tata Coffee Ltd

Tata Communications Ltd

UltraTech Cement Ltd

United Breweries Ltd

Voltas Ltd

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The Indian stock market showed a sluggish performance with both Sensex and Nifty falling 550 and 150 points respectively. Financial and banking indices were hit hard, mainly due to missing earnings estimates from Bajaj Finance. On October 18, benchmark stock market indices ended the day on a negative note. The Nifty closed below the 19700 level. The Sensex, a major index, ended the day with a loss of 551 points, to settle at 65877. This decline was also influenced by concerns over quarterly earnings reports and tensions in the Middle East, which continued to drive market momentum. Concerns about possible supply disruptions from the Middle East caused oil prices to rise to nearly $92 a barrel. This increase was exacerbated by an incident at a Gaza hospital that dampened hopes of curbing the military conflict between Israel and Hamas. The Nifty found resistance at 19850, leading to a decline towards 19650. Going forward, the index could experience a range-bound move until it breaks out in one direction or the other. A fall below 19650 could give more strength to the bears and the Nifty could fall towards 19250. At the top end, a decisive move above 19850 could pave the way towards 20200.

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The Indian stock market closed in negative territory today. The Sensex fell 479 points, down 0.73%, to close at 65515. The Nifty index also recorded a decline of 0.72% during the day and closed at 19512 points. The Bank Nifty index performed even worse, falling by 1.07% and settling at 43886 points. The Nifty opened with a gap to the downside and witnessed volatile price movements throughout the day. There was a decline in the first half of the trading session, but a decline occurred in the second half, eventually closing above the intraday low of 19480. In the Nifty index, the 19,500-19450 area is now a crucial level and a break below this area could indicate bearish sentiment, with potential support levels at 19,400 and 19375.

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On the weekly expiry day, the markets recovered and gained over half a percent. Markets began trading on October 5 with a good mood, but after an uptrend in the first hour, the index remained in a range for the rest of the day, settling at 19545, up 109 point. Meanwhile, a mixed trend on the sector front kept traders busy, with the automotive and IT sectors seeing a decent rebound. Market breadth also ended on the positive side thanks to a rise in the smallcap index. Participants should not expect much from a one-day recovery and wait for the Nifty to reclaim the short-term moving average (20 EMA) for a sustained recovery. Currently, select IT majors are at the forefront, while others take turns taking on supporting roles. We need an improvement in broader participation to change the course of the market. Above all, it is advisable to keep an eye on leveraged positions and prefer the main indices over others.

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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.

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The Indian rupee consolidated in a narrow range with a positive bias as the dollar index declined and Asian currencies recovered. The inflows associated with the index rebalancing also supported the rupee in today's trade. The dollar is in demand and is being boosted by factors such as the reassessment of the Fed's long-term key interest rate, high oil prices and concerns about the further development of the European and Chinese economies. While the local rupee remained resilient against the greenback despite central bank interventions, spot USDINR is expected to trade between 83 and 83.30 amid mixed economic data. Market participants will keep an eye on the RBI's monetary policy decision next week. The Reserve Bank of India (RBI) is likely to keep its repo rate unchanged as inflation in India declines following a rise in vegetable prices in July. After the recent respite, the markets tended to return to a negative mood and lost almost one percent on the monthly expiry date. After the flat start, Nifty gradually declined throughout the session and finally settled at 19523. The decline was widespread across all sectors, with IT and FMCG among the biggest losers. The broader indices also felt the heat, with midcap stocks losing over one percent and smallcap stocks closing slightly in the red.The Nifty has witnessed a significant correction as it was unable to sustain the level above 19750. On the daily time frame, the most recent candle has engulfed the bodies of previous days' candles, suggesting negative sentiment. The prevailing sentiment continues to favor selling on rallies. Looking ahead, the Nifty could fall towards 19250 with immediate support at 19450. Resistance is at the top at 19600.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400

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Nifty closed lower on September 26 after opening slightly higher. It remained in a narrow 62-point band throughout the day before closing 10 points lower at 19664. Volumes on the NSE were the lowest since July 2003. The smallcap index ended in positive territory even as the advance drop ratio closed at 0.95:1. European and Asian stocks fell on Tuesday as growing fears that interest rates could remain elevated for longer, putting jitters on assets worldwide and pushing the dollar to a 10-month high. In Asia, investors continue to focus on the state of China's real estate sector following news that real estate group Evergrande was struggling to organize a process to restructure its debt, leading to a weakness in basic resources. The peak was reached in the first six months of fiscal 2024. Electricity demand in India reached an all-time high of 239.97 GW on September 1. However, August saw the highest average electricity demand of 216 GW as it was the driest August in a century. Even in September, an average power demand of 211 GW was recorded in the first 24 days, higher than 204 GW in May and on par with 211 GW in June. Nifty made a small number on September 26th with no predictive value going forward. Movement beyond the period 19600 to 19725 could lead to an accelerated movement in this direction. Nifty remained largely range-bound throughout the day as traders appeared uncertain. However, the short-term sentiment remains bearish as Nifty closed below the 21EMA. Looking ahead, the trend is expected to remain bearish as long as Nifty remains below the 19755 level. A support level is set at 19625, below which the index could decline further towards 19500.  

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Benchmark indices Sensex and Nifty fluctuated between losses and gains and ended flat in a volatile market on Monday 25 September 2023. Global markets were mixed as investors weighed the possibility of another rate hike by the Federal Reserve and its impact on the economy. Stocks have come under pressure in recent weeks as bets have mounted that the Federal Reserve will need to maintain its aggressive monetary tightening stance well into next year to control inflation. Indian benchmark indices fluctuated between losses and gains during the day and ended flat in volatile trading on Monday. Sensex closed 14 points higher at 66023 while Nifty rose 0.20 points to 19674. On the daily charts, the Nifty has formed a doji candlestick formation, indicating a sharp clash between bulls and bears. However, a quick pullback rally from current levels is not out of the question. For the bulls, the 50-day SMA or 19625 would act as an important support zone. Furthermore, the market could rise to 19750-19950. On the other hand, another sell-off is possible only after the release of 19550, below which the index could slip to 19500-19400. Nifty formed a doji pattern on the daily charts. The Doji pattern indicates indecision among market participants regarding direction. Nifty is trading right in the 19575-19655 support zone and given the sharp decline in the last few trading sessions, a pullback looks very likely. On the hourly momentum indicator, we can observe a positive divergence and also a positive crossover, which also suggests that a pullback is likely. The decline can occur until 19800-19900, where important hourly moving averages and the gap area formed on September 21 are placed. In terms of levels, 19,600 19625 is the crucial support zone while 19825-19875 should act as an immediate hurdle zone.   

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WEEKLY RESISTANCE FOR NIFTY: 19800, 20000, 20200

PIVOT POINT: 19600

WEEKLY SUPPORT FOR NIFTY:  19400, 19200, 19000

WEEKLY CHART FOR NIFTY

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Nifty closed lower on September 18 in a volatile session. At the close, Nifty fell 0.35% or 69 points to 20122. Volumes on the NSE continued to decline. The smallcap index fell more than the Nifty even as the advance drop ratio fell sharply to 0.65:1. Global stocks mostly fell on Monday as growth concerns tested investors' nerves ahead of a week of central bank meetings in five of the 10 most widely traded currencies. Ahead of these policy decisions, which will show how major central banks see progress in the fight against inflation, traders have taken risk off the table. 19 sep 2023 market was closed on occasion of Ganesh chaturthi. Indian stock indices closed lower for the second consecutive day on September 20, with Nifty falling below 19900 as heavyweights and all sectors sold off, except energy stocks. At the close, the Sensex was down 796 points at 66800 and the Nifty fell 231 points to 19901. After a gap down start, the market remained under selling pressure and extended losses throughout the day to end near the day's low. The Sensex and Nifty indices touched the day's low of 66728 and 19878. Domestic benchmark indices closed with losses for the third straight day on September 21 after the US Federal Reserve maintained status quo at its policy meeting but suggested interest rates would remain higher for longer. Sensex fell 570 points to 66230, while the broader Nifty fell 159 points to 19742. The biggest detractors for the indices were stocks from the banking, automotive and financial services sectors. Bearish sentiment in global stock markets led to selling in the domestic market for the third consecutive day as investors worried about the US Federal Reserve's statement announcing another interest rate hike later this year. Markets extended decline and lost nearly half a percent on 22 September 2023, in continuation to the prevailing corrective phase. After the initial uptick, Nifty oscillated sharply in a range and finally settled around the day’s low at 19674 levels.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty faced sustained selling pressure throughout the week, resulting in a decline of 2.80% from its all-time high. This latest correction has caused it to fall below the critical 21-day Exponential Moving Average (21EMA). Sentiment appears to be bearish at this point, with a key support level identified at 19,600. A break below 19,600 could potentially trigger a stronger market correction. On the upside, 19,800 is likely to serve as a resistance level.

 TECHNICALLY SPEAKING

The downward spiral in markets continued despite the recovery in other Asian markets, as investors booked profits for the fourth consecutive session following the recent rally. While Indian market valuations have turned expensive, other major concerns such as rising crude oil prices, a stable US dollar index and government bond yields coupled with continued FII selling have dampened sentiment. Technically, the Nifty has formed a long bearish candle on the weekly charts, indicating weak sentiment in the near future. However, due to temporary oversold conditions, we could expect a one-off recovery rally in the near term. For short-term traders, the 50-day SMA (Simple Moving Average) 19600 and 19500 would now be key support areas, while 19800 and 19900 could be key resistance areas. For Bank Nifty, the 50-day SMA or 45,000 would be the untouchable support level. As long as the price is below this value, the weak mood is likely to continue. Below this the index can slip to 44300-44000. On the other hand, a new uptrend is only possible once a 50-day SMA or 45,000 is cleared, above which it could rise to 45,400-45,500.

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Domestic benchmark indices closed with losses for the third straight day on September 21 after the US Federal Reserve maintained status quo at its policy meeting but suggested interest rates would remain higher for longer. Sensex fell 570 points to 66230, while the broader Nifty fell 159 points to 19742. The biggest detractors for the indices were stocks from the banking, automotive and financial services sectors. Bearish sentiment in global stock markets led to selling in the domestic market for the third consecutive day as investors worried about the US Federal Reserve's statement announcing another interest rate hike later this year. Nifty has support in the 19725-19650 range. In terms of Open Interest (OI) data, the highest OI on the call side was observed at the strike price of 20000, followed by the strike price of 19900. On the put side, the highest OI was concentrated at the strike price of 19800 followed by 19700. Conversely, Bank Nifty found support in the 44500-44200 range while resistance was identified at the 45000-45200 levels.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400     

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Indian stock indices closed lower for the second consecutive day on September 20, with Nifty falling below 19900 as heavyweights and all sectors sold off, except energy stocks. At the close, the Sensex was down 796 points at 66800 and the Nifty fell 231 points to 19901. After a gap down start, the market remained under selling pressure and extended losses throughout the day to end near the day's low. The Sensex and Nifty indices touched the day's low of 66728 and 19878. The biggest losers on the Nifty were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, while among the gainers were Power Grid Corporation, Coal India, ONGC , Sun Pharma and Eicher Motors. A correction has been in the offing for some time and valuations have also become more expensive after the recent rise, leading investors to resort to profit-taking ahead of the outcome of the US FOMC rate meeting. There are also concerns that ongoing tensions between the U.S. and Canada could impact markets, and if the situation escalates, it could impact our markets. Technically, the Nifty slipped mostly negative due to intense selling below the 20,000 mark. For the bulls now, 20000-20030 could serve as immediate resistance areas while 19825-19775 could serve as a crucial support zone for traders.

Resistance: 20000, 20100, 20200

Support: 19850, 19750, 19650

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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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Nifty closed lower on September 18 in a volatile session. At the close, Nifty fell 0.35% or 69 points to 20122. Volumes on the NSE continued to decline. The smallcap index fell more than the Nifty even as the advance drop ratio fell sharply to 0.65:1. Global stocks mostly fell on Monday as growth concerns tested investors' nerves ahead of a week of central bank meetings in five of the 10 most widely traded currencies. Ahead of these policy decisions, which will show how major central banks see progress in the fight against inflation, traders have taken risk off the table. Nifty formed a candle in a small range but a bearish Tristar Doji seems to have formed in the last three days. If this is true, the Nifty may have formed a short-term high at 20250, which could lead to a slight decline towards 19975. A move below 19900 could lead to an acceleration of the Nifty's decline.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400  

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.

NIFTY OUTLOOK & OPTION TRADING TIPS FOR 15 SEP 2023

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On the weekly expiry day, the markets traded volatile and closed just in the green. After the initial uptrend, profit-taking by heavyweights eroded gains, followed by a range-bound swing until the end. Meanwhile, a mixed trend on the sector front kept traders busy, with metals and real estate posting strong gains while FMCG ended subdued. In addition, the ongoing recovery across the board further boosted sentiment. Benchmark indices ended the volatile session marginally higher on September 14. At the close, the Sensex rose 52 points to 67519 and the Nifty rose 33 points to 20103.  The market was range-bound after hitting a new high as higher-than-expected US inflation and expectations of hawkish ECB policy meetings later today weighed on investor sentiment. Valuation and inflation concerns due to rising oil prices could lead the market into a near-term consolidation phase.

While the northward journey continued, the uptrend lacked the punch seen in recent sessions as valuations become expensive and investors take a cautious path. Rising global crude oil prices are also unsettling investors as it could fuel inflation and force central banks worldwide to maintain interest rate hike regimes. Despite initial volatility and a subsequent swing trend, metals, oil and gas, and real estate stocks boomed, suggesting traders are willing to make selective bets. On the intraday charts, the market is showing a higher bottom formation, indicating that the uptrend wave is likely to continue in the near future. As long as the Nifty trades above the 20000 mark, the positive sentiment is likely to continue until the 20150-20200 levels. On the other hand, selling pressure could intensify below 20,000 and pull the index towards 19950-19850.

Resistance: 20150, 20200, 20250

Support: 20050, 19950, 19850

NIFTY PREDICTION & OPTION TRADING TIPS FOR 14 SEP 2023

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The markets rose slightly after a day of pause, gaining almost half a percent. After the flat start, Nifty witnessed a gradual upward movement and finally settled at the 20,070 level; increased by 0.38%. Meanwhile, a mixed trend on the sector front kept traders busy, with energy and banking posting decent gains while auto and IT closed lower. The broader indices also took a breather and closed in the green. Nifty crosses 20000 mark, a move of more than 12-13% this fiscal. Unlike previous moves, this rally is broad-based and features constant sector rotation. In the current rally, we have seen significant outperformance of small and mid-cap names compared to a large-cap index like Nifty50. Benchmark indices closed higher on September 13, with Nifty at around 20050. At the end, the Sensex rose 245 to 67466 and the Nifty rose 76 points to 20070. The bulls successfully regained control over the bears and pushed Nifty back above the 20000 mark. What is noteworthy is that the price closed above this threshold, marking a historic closing high for Nifty. The prevailing sentiment remains bullish assuming put writers protect the 19800 level. A fall below 19,900 could unsettle put writers and potentially trigger market corrections. On the other hand, the 20100-20200 area could act as resistance. A clear break above 20,150 could propel Nifty into a sustained uptrend.

Resistance: 20100, 20200, 20300

Support: 19950, 19850, 19750

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