Market Outlook 24 November 2023
The indices continued its consolidation phase on Nifty’s weekly expiry day. The Nifty index ended the day around 19800 with a negligible loss.
Nifty has traded within a range in this entire week and it has neither broken its support of 19700 nor has it given a breakout above the hurdle of 19875. Also, the positions of the stronger hands in the index futures are more or less the same with the majority of positions on the short side. Thus, a breakout beyond the above mentioned levels will lead to the next directional move. Traders are advised to trade with a stock specific approach for now and trade in the index once we see a breakout on either side. The Midcap and the Small Cap indices have overbought momentum set-ups but there are no signs of any trend reversal as the key supports are intact. The indices could continue with the momentum in the near term. Also, in case the Nifty index gives a breakout above the resistance of 19875, then traders should watch out for leadership from the heavyweights such as Reliance Ind, HDFC Bank and certain FMCG stocks.
Nifty continues to consolidate within 19700-19870 range
|Bank Nifty Levels
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The indices continued to trade within a narrow range in the February series expiry week. Nifty witnessed a marginal upmove led by some of the heavyweights and thus it ended around 22200 mark, but Bank Nifty ended on a flat note with no signs of directional move.
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