NIFTY
28/9/2023 Overview-
Nifty 50 has given a sharp fall from its high of 20221 just about 15 days ago and has now given a closing at 19523.
These choppy conditions can be attributed to the looming Federal Rate increase to get inflation in control, the prices of Brent Crude nearing $100/barrel with a winter in close sight, it is an obvious situation that the Indian markets have also borne the heat.
Technicals -
The day started with a sharp fall in the prices of PE and the Nifty being sideways for long. Eventually it gave us a sharp fall and the expiry can be called a decent one as traders did make money in puts. Nifty has taken a support at 19494 before the day closed, the levels are difficult to understand but it is definitely better to stay in the Puts while the markets trades below 19550 levels.
Nifty did close the day while breaking the trendline on the upper side but the signs of an instant reversal are still unclear. Next clear support can be seen at the 19386, post which the traders can get confidence of the Call side.
Predictions for 29/9/2023- Bias is sideways to down, although it is not expected to be very one dimensional trading session, I suggest a period of tough days for option buyers is in sight.