Market Outlook for 28 September 2023

Ruchit Jain Ruchit Jain

Last Updated: 28th September 2023 - 04:32 pm

Listen icon

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

Market Outlook Graph 28-Sep-2023

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:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19600 44480 19650
Support 2 19550 44300 19530
Resistance 1 19780 44780 19850
Resistance 2 19840 44970 19920
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?