Market Outlook for 28 September 2023

Our markets witnessed higher volatility ahead of the expiry day as the Nifty breached the support of 19600 in the first hour of trade. However, the index recovered smartly from the low of 19550 and ended the day above 19700 with gains of a quarter of a percent.

Nifty Today:

Nifty saw a sharp recovery from the morning lows and rallied higher in the later part of the day. As the index recovered, put writing was seen in 19600 strike which hinted at positivity in the index. Importantly, inspite of the recent correction in the benchmark index, the Nifty Midcap index has not breached its 20 DEMA support and hence, the broader market trend remains positive. Now, till this low of 19550 is intact, one can expect a pullback move in the short term. In any such up move, 19800 will be seen as the immediate resistance.

Nifty recovered from intraday low and ended on a positive note

The Bank Nifty index took support around a trendline support and although this index did not end in green, the low of 44200 will be seen as crucial support for the Bank Nifty index too. Hence, traders are advised to trade with a positive bias and buy on any intraday dip on the expiry day. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels: