Nifty Outlook 20th Sep 2023
Updated
Likely range for the day - 20019/20246
Fall in broader market was more than that Nifty's closing represented in the last session. Clearly its time to trade Index and/or selective stocks. Traders are cautious due to rising brent, dollar index & ahead of Fed's meeting this week. Other major global events are also lined up from China & Japan this week. Overall domestic cues look fine unless a surprise comes especially from banking sector. 20000 is a strong support.
Fall in broader market was more than that Nifty's closing represented in the last session. Clearly its time to trade Index and/or selective stocks. Traders are cautious due to rising brent, dollar index & ahead of Fed's meeting this week. Other major global events are also lined up from China & Japan this week. Overall domestic cues look fine unless a surprise comes especially from banking sector. 20000 is a strong support.
Trade closed manually
Nifty closed around 150 points below the forecasted range for the day. That said, it closed within 65 points of the bottom of the extended range for the day as shown in the chart above.
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