The Market Commentary for September 13, 2023, and the projected levels for September 14, 2023. Here's a breakdown of the information:
September 13, 2023:
NIFTY closed at 20070.
NIFTY's highest point during the day was 20097.
NIFTY's lowest point during the day was 19944.
The commentary notes that NIFTY closed above the 20000 level for the first time, which is a significant milestone. Additionally, it highlights that the PSU (Public Sector Undertakings) sector was up by 4.23% on that day.
Projected NIFTY Levels for September 14, 2023:
Support levels: 19772 and 19667.
Resistance level: 20110.
The commentary outlines potential support and resistance levels for the upcoming day. It suggests that 20110 could work as a resistance level, but it also emphasizes the strength of the bullish trend, indicating a lack of immediate correction in the near future.
A market closing above a significant psychological level, like 20000, can indeed be seen as a strong bullish signal. However, it's important for traders and investors to remain vigilant and consider risk management strategies as market conditions can change, and corrections can occur even in strong trends.
September 13, 2023:
NIFTY closed at 20070.
NIFTY's highest point during the day was 20097.
NIFTY's lowest point during the day was 19944.
The commentary notes that NIFTY closed above the 20000 level for the first time, which is a significant milestone. Additionally, it highlights that the PSU (Public Sector Undertakings) sector was up by 4.23% on that day.
Projected NIFTY Levels for September 14, 2023:
Support levels: 19772 and 19667.
Resistance level: 20110.
The commentary outlines potential support and resistance levels for the upcoming day. It suggests that 20110 could work as a resistance level, but it also emphasizes the strength of the bullish trend, indicating a lack of immediate correction in the near future.
A market closing above a significant psychological level, like 20000, can indeed be seen as a strong bullish signal. However, it's important for traders and investors to remain vigilant and consider risk management strategies as market conditions can change, and corrections can occur even in strong trends.