Raja Venkatraman shared his market outlook for 8 October as stocks showed mixed results. Kotak Bank and Bharti Airtel performed well, while Titan and Adani Enterprises fell. The rupee weakened to ₹96.77 per dollar. He noted that markets remain fragile and range-bound, advising investors to watch key resistance levels carefully.
Kotak Bank, Bharti Airtel, ICICI Bank, HDFC Life, and Coal India were among the top performers, whereas Titan, Hindalco, JSW Steel, and Adani Enterprises dragged. The rupee weakened to ₹96.77 per dollar, its lowest in five months, while Brent crude hovered above $101 per barrel, adding inflationary pressure.
Outlook for trading
The tension is the air as markets fail to revive. The constant gyrations that we are witnessing in Nifty is taking its toll on the market. While its easier said than done, the challenge that we are witnessing is that the consolidation phase. A look at the charts below we can see that the play of resistance continues to hold its weight over the trends in the last few sessions as we near the very important force that will contain the upmove. The resistance and support zones over the last few days have been playing a crucial role in holding back any reaction.
The formation of doji on the Heikin Ashi charts around the 22650 while the prices are attempting a recovery. While the trends remain fragile we need to step in and see how to address this scenario as the higher levels remain pressured. Looking at charts the Relative Strength Index some sideways action could continue on the Sensex expiry as well. While bias remains positive there are sill some shorts in the system in the wake of the recent decline the possibility of range bound action cannot be ruled out between 22200 and 23100 leading us to play a wide range.
The resistances bunched up at the gap area in additional could play a part making the markets stay in a range-bound in the short term.
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Raja Venkatraman
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.