Weekly Market Outlook for 28 August to 1 September

Ruchit Jain Ruchit Jain Ruchit Jain 28th August 2023 - 11:06 am
Listen icon

During the week gone by, our markets witnessed a gradual pullback move at the start of the week. However, the upmove witnessed resistance in the range of 19550-19600 and the Nifty index corrected in last couple of sessions to end below 19300 with a marginal loss.

Nifty Today:

It was a volatile week as the Nifty initially witnessed buying interest from its support zone of 19250-19300, but it again corrected from the highs in last couple of trading sessions and ended the week in the above mentioned range. The index has continued with its ‘Lower top Lower Bottom’ structure on the lower time frame charts from the recent all-time high, indicating a continuation of the corrective phase within the broader uptrend. Nifty has ended the week right in the crucial support zone and thus, the next couple of sessions could be crucial in determining the near term momentum. Nothing has changed much in the index futures data as FII’s continue to hold net short positions and have been net sellers in the cash segment as well. In the option segment, the call writers have been quite active and the August series data hints significant writing in 19300-19500 call options. On the flipside, 19200 is the immediate support as per the open interest data followed by 19000 where highest open interest is placed.

Nifty ends in crucial support zone, 19500-19600 now becomes important resistance 

Nifty Outlook Graph- 25 August 2023

Traders are advised to watch out for market momentum at the start of the week which will be important. A breakdown below 19200 could lead to a continuation of the down move towards 19000 level while a recovery from this support zone and a breakout above 19585 will negate this corrective structure. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19200 44000 19560
Support 2 19160 43820 19470
Resistance 1 19330 44400 19730
Resistance 2 19390 44570 19800

 

How do you rate this article?

Characters remaining (1500)

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

FREE Trading & Demat Account
Resend OTP
Resend OTP
''
''
Please Enter OTP
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 24 May 2024

by Ruchit Jain 24th May 2024

Market Outlook for 23 May 2024

by Ruchit Jain 23rd May 2024

Market Outlook for 22 May 2024

by Ruchit Jain 22nd May 2024

Want to Use 5paisa
Trading App?