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Nifty Prediction Today – September 05, 2023: Go long now and accumulate on dips

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Nifty 50 September Futures (19,630)

Nifty 50 and Sensex are trading higher. Both the indices are up about 0.25 per cent. Sensex is trading at 65,793 and Nifty is at 19,577.

Nifty had witnessed a strong bounce from the low of 19,432 on Monday. Today’s rise indicates that the index is getting good follow-through buying. The outlook is bullish. Immediate support will now be at 19,500. Nifty can now rise to 19,700-19,750 in the near-term. The upside an extend up to 19,850 this week.

Global indices

Asian markets are trading on a weak note. Hang Seng (18,560) is down over 1.5 per cent and Shanghai Composite (3,157) is down 0.6 per cent. Nikkei (32,900) and Kospi (2,584) are marginally down.

The US markets were closed on Monday on account of a public holiday.

Nifty 50 Futures

The Nifty 50 September Futures (19,630) is up about 0.1 per cent. The contract made a high of 19,648 and has come down slightly from there. Cluster of supports are poised in the 19,600-19,570 region. So, intraday dips are likely to be limited and short-lived.

Outlook is bullish. Nifty 50 September Futures can rise to 19,700-19,750 in the coming sessions. This view will go wrong only if the contract declines below 19,570. In that case a test of 19,500-19,470 can be seen. But such a fall is unlikely as fresh buyers are likely to emerge around 19,600 and limit the downside.

Trade Strategy

Traders can go long now. Accumulate on dips at 19,610. Keep the stop-loss at 19,570. Trail the stop-loss up to 19,645 as soon as the contract moves up to 19,670. Move the stop-loss further up to 19,680 when the contract touches 19,705 on the upside. Exit the longs at 19,730.

Supports: 19,600, 19,570

Resistances: 19,650, 19,750





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