Market Outlook for 31 October 2024
Market Outlook for 13 September 2023
Last Updated: 13th September 2023 - 10:47 am
Our markets started the day on a positive note, but the midcap stocks witnessed sell-off while the large caps largely traded in a range. The Nifty index ended on a flat note, but the midcap index corrected by 3 percent, one of the sharpest intraday fall in the recent times.
Nifty Today:
It was a day of profit booking for the midcap and small cap stocks as we witnessed a sharp correction in the broader markets. The market breadth was completely negative but still, the indices managed to end on a flat note as no such selling was seen in the large cap names. During last month, we had seen a corrective phase in the large cap stocks due to which the Nifty index corrected from 19990 to 19250. However, the midcap and the small cap stocks continued to rally higher and marked new record highs. Now, the midcap and the small cap index were highly overbought and hence, a corrective phase was due in the short term. We believe that the index has already completed the corrective phase and the bull market still remains intact. But the midcap and small cap stocks would go through some corrective phase which would relieve the overbought set ups. Hence, momentum traders should avoid the midcap space for time-being and look for opportunities within the large cap stocks. The immediate support for Nifty is placed around 19800 and incase we see any dip towards the support, then one can look for buying opportunities. On the higher side, Nifty almost tested 20150 which we had been expecting since quite some time. As of now 19150-19200 will be the immediate hurdle for the index.
Profit booking across midcaps, trend in large caps intact
The Nifty IT index has recently given a breakout from its major resistance. The large cap IT stocks could be in demand as they have not yet rallied much in this bull market. Apart from IT, defensive stocks such as ITC and certain pharma names could outperform in the short term and hence, traders should be focused on such pockets.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 19900 | 45260 | 20200 |
Support 2 | 19810 | 45000 | 20110 |
Resistance 1 | 20100 | 45830 | 20420 |
Resistance 2 | 20200 | 46150 | 20500 |
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