Nifty Outlook for 9 August 2023

It was another day of consolidation for the markets, as the key indices traded within a narrow range throughout the day and Nifty ended the day around 19570 with a marginal loss. The banking index showed relative outperformance to Nifty and it hovered around 45000 level before closing just below it.

Nifty Today:

Nifty has witnessed some pullback move from the recent swing low of 19300. However, the data has not turned optimistic yet as the FII’s have been net sellers in the cash segment so far in this month, and they have been on the short side in the index futures segment too. The index has a crucial hurdle around 19650-19700 where we can see a falling trendline resistance on the hourly chart. Thus, it needs to be seen if the index manages to surpass this hurdle and resumes its uptrend. However, the broader markets have been doing quite well as the midcaps continue their outperformance and the Midcap index is still trading around its all-time high.

      Broader markets outperform while index consolidates in a range

Hence, until the index surpasses the above mentioned hurdle, it is better to look for stock specific opportunities from a trading perspective. The immediate support for Nifty is placed in 19500-19450 range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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