Nifty 50 Daily Analysis

29 Sep 2023

NIFTY
29/09/2023

Overview -
Most of the Asian Indices showed a better performance on what was the last trading day of the month. The Brent Crude prices remained in the 90s, although decreased in the last few hours.

Nifty 50-
The day opened at 19581 with a gap-up as the 15 minute trendline had been broken, although the day was not ompleteoy sideways as expected.
The markets were under the bullish influence for majority of the day, while it some profit booking was seen in the last hour with markets closing at 19638.
The candle was an inside candle on the daily chart, therefore a clear move can be expected either way when the low or high of the previous candle is broken i.e., over 19761- uptrend and below 19492- downtrend.

Bias for 3/10/2023- As a clear move remains unclear, it will be interesting to see the events over the long weekend with China Manufacturing PMI for September and the Fed Meeting scheduled on Monday.