InvestorQ : What is the Nifty range and market outlook for the week starting from 21st September?
Neha Samdani made post

What is the Nifty range and market outlook for the week starting from 21st September?

Answer
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4 weeks ago


The marginal gain in benchmark Nifty is not representative of the market movement during the week. While Pharma (9%), IT (6.4%), Small cap (6%) were massive gainers, Nifty ended the week with a modest 0.4% gains. The level of activity - market breadth, volumes, and a number of trades, etc - was high. Volatility eased further. Metals and financials were major underperformers. Realty and Auto were other notable outperformers. INR weakened marginally. Benchmark yields were also marginally lower.

Global equities turned cautious post-Fed statement. USD weakness, acceleration in the number of fresh Covid-19 cases, and Chinese belligerence underwhelmed the vaccine enthusiasm. Chinese equities outperformed majorly. Crude and Copper also gained materially. Bonds sold off. Volatility was a tad lower.

The outlook and trend for Indian equities remain unchanged from the previous week. The outlook and trend now are neutral for near (daily), short (weekly), and midterm (monthly), implying balanced risk-reward for traders. The near term momentum has slowed marginally, indicating a slightly lower probability for change in the market outlook and trend.

For this week :

The day traders may avoid trading in the 11327-11513 nifty range. The long positions may be held with a stop loss of 11142. Outstanding short positions may be held only with a strict stop loss of 11642. All prices spot

Bank Nifty outlook and trend have turned negative for the short term (weekly). Fresh long must be avoided. All short positions may be held with a stop loss of 22695. Day Trading may be avoided in the 21915-22670 range. For all long positions maintain a strict stop loss of 21888. A close below 21915 anytime in the next two weeks could trigger a midterm (9-15 months) down move in Bank Nifty. All prices spot.