The Nifty outlook for 23rd September

The Nifty outlook for 23^rd September

 

The last trading session really came as a surprise to many of us. Very cautious approach must be made while taking trading decisions. It is partly news driven market the investors especially long term investors will have to wait  till the dust dies down. Although the market needs more policy decision from the government, it is poised to go higher from this point. Because the overall trend is the uptrend mode.  In the monthly chart, it is still in the bullish zone.

For traders 5662 becomes the pivot point  If the Nifty maintains the current momentum  5783 and 5805 are the next levels it could touch. As I wrote in my last post the US and Asia Pacific region markets do also play important part  in the Nifty’s movement.

On the lower end if the Nifty opens below the  pivot point  it could see levels of 5633 and 5604.

Pivot levels for nifty on 23^rd September

Mid R3          5850     R3             5894

Mid R2          5778     R2             5807

Mid R1          5706     R1             5749

Pivot             5662                      

Mid S1          5633     S1             5604

MID S2         5561     S2             5518

Mid S3          5489     S3             5460

Happy trading!