IGI Logo

Below View on Nifty 18 September 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

"The Nifty index has been consolidating within a broad range, with notable call writing activity observed at higher levels. This suggests that market participants are cautious and have been selling call options to hedge against potential downward movements. The sideways trend in the index is expected to persist in the upcoming trading sessions. This is attributed to the anticipation of the outcome of the US Federal Reserve (US Fed) meeting, which is a significant event that can impact global financial markets. The index has support at the 20100 level and resistance at 20200. A break on either side of this range is likely to lead to trending moves, with potential implications for market direction."

Above views are of the author and not of the website kindly read disclaimer