The trading session on Tuesday started with an impressive gap up in the benchmark indices, setting the tone for a robust market performance throughout the day.
Nifty demonstrated resilience by surpassing key levels at 19,605 and 19,675, bolstering the market's foundation.
Today, Indian share markets are trading on a positive note with the Sensex trading up by 314 points at the time of writing, while the Nifty is trading higher by 102 points.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Here’s a rundown of today’s expected market movements…
It's important to note that breaching 19,675 would introduce formidable resistance at the 20-day Simple Moving Average (SMA), positioned at 19,770.
Beyond this point, a potential surge to 19,800 is foreseeable. Traders are advised to exercise caution around these levels, refraining from adding short-term trading positions.
In the current market scenario, a prudent strategy involves strategically buying on minor pullbacks around the 19,650 mark.
The support for Nifty has now shifted to a sturdy level at 19,480, offering a reliable safety net for traders.
For a detailed outlook on markets, check out the recent webinar hosted by our research team here: Stocks & Strategy - October 2023
For Bank Nifty, pivotal resistance levels loom at 44,500 and 44,800.
A successful breach above 44,800 could propel the index to the 45,000 mark.
Meanwhile, the recommended approach is to initiate buying between the 44,300 and 44,150 levels. In adverse scenarios, strong support is established at 43,800.
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As always, market conditions can shift unexpectedly, so staying informed and implementing proper risk management is essential while making trading decisions.
See you tomorrow!
Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.
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