Market Outlook for 13 October 2023

Nifty traded within a narrow range on the weekly expiry day and ended around 19800 on a flat note. However, the stock specific momentum was seen in the broader market with certain Energy, PSE and Media stocks witnessing good outperformance.

Nifty Today:

The markets traded within a narrow range on the weekly expiry which was much anticipated looking at the intraday options data. Both call as well as put options of 19800 strike witnessed a good open interest build up in the morning session itself which indicated option sellers expecting a range bound move. The near term trend remains positive, but the hourly charts are indicating possibility of some pullback move or a consolidation in next one or two sessions. Hence, one can expect a stock specific momentum in next one or two sessions while the broader trend remains positive. Post the TCS results, the IT sector has witnessed some unwinding of positions and thus the IT index is going through a pullback move as well. On the Nifty charts, 19700 and 19630 are immediate supports for the index and any dip towards these supports could witness some buying interest. Hence, traders can look for buying opportunities on any such declines. On the higher side, the immediate hurdle is seen around 19885 which is the 61.8 percent retracement of the recent corrective phase.

Nifty consolidates in a range on weekly expiry day

Traders should look for stock specific moves where good price volume action is seen and one should trade with a positive bias.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: