Market Outlook for the Week of September 18-22, 2023

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The Indian stock market is expected to remain bullish in the coming week, supported by positive macro data, continued buying from domestic investors, and reduced selling by FIIs. However, experts caution that the market is overbought in the short term and could see some profit-booking at higher levels.

Key Levels

  • Support: 20,000, 19,900
  • Resistance: 20,300, 20,480-20,500

Expert Views

  • Ajit Mishra, Religare Broking: “We expect a positive tone to continue in the Nifty, with some intermediate consolidation citing a hurdle at 20,300 levels. Participants should maintain a ‘buy on dips’ approach and look for stocks offering a favorable risk-to-reward ratio.”
  • Amol Athawale, Kotak Securities:“On daily and weekly charts, the Nifty has formed a breakout continuation formation which is indicating that the uptrend wave is likely to continue in the near future. Although the larger texture of the market is bullish, the market is in temporary overbought conditions, and hence we could see some profit-booking at higher levels. For short-term traders, 20075 and 20000 would act as key support zones while 20300-20375 could act as crucial resistance areas for the bulls.”
  • Rupak De, LKP Securities: “The trend is expected to remain positive as long as the Nifty remains above the 20,000 mark. In the short term, there is potential for the Nifty to move towards the 20,480-20,500 range on the upside.”
  • Jatin Gedia, Sharekhan by BNP Paribas: “Overall, the short-term outlook is positive, however considering the sharp run-up since last three trading sessions we should have a cautious stance and be prepared for a correction. In terms of levels, 20050 – 20000 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.”
  • Rajesh Bhosale, Angel One: “Going ahead, the next leg of up move may not be as swift as recent times, potentially involving in-between pauses or price corrections. The overall sentiment remains positive, and the advisable approach is to view dips as buying opportunities. In this scenario, the previous resistance around 20000 is likely to act as immediate support, while Tuesday’s panic low of 19900 remains a critical pivot point. On the other hand, in an uncharted territory, the next resistance zone lies in the range of 20400 to 20500.”


The Indian stock market is expected to remain bullish in the coming week, but investors should be aware of the potential for profit-booking at higher levels. It is advisable to maintain a cautious stance and view dips as buying opportunities.

Additional Considerations

In addition to the factors mentioned above, investors should also monitor the following global events and economic data releases in the coming week:

  • Global: US Federal Reserve policy meeting, US GDP data, China PMI data
  • India: Inflation data, IIP data, earnings season continues

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