Nifty Outlook for 30 August 2023

Nifty continued to consolidate within a narrow range in Tuesday’s session as it traded within a range of just 70 points throughout the day and ended with marginal gains.

Nifty Today:

It was a day with a range bound action on the index while stock specific momentum provided better trading opportunities. Infact, the index has been consolidating in a range since last few days which seems to be a time-wise corrective phase. The index has managed to form a support at the 19300-19250 range while resistance is around 19500. Only a breakout beyond this range will lead to the next directional move. In the options segment too, 19300 put has the highest open interest which would be seen as immediate support while high open interest is seen in 19400 and 19500 call options. Traders are advised to keep a tab on this data and only if we see the option writers unwinding positions of either side, then we will see a momentum else the consolidation might continue for next couple of trading sessions.

Range bound move continues in index as options positions hints at narrow range

However, the stock specific momentum continues to be robust as the market breadth is healthy and hence, looking for such opportunities seems to be a better approach till we get a breakout on the index on either side.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: