Market Outlook for 10 November 2023

Market Outlook for 10 November 2023
Market Outlook for 10 November 2023

by Ruchit Jain Last Updated: Nov 10, 2023 - 04:29 pm 400 Views
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Nifty consolidated in a narrow range on the weekly expiry day and ended the day below 19400 with a marginal loss.

Nifty Today:

The benchmark index has been consolidating in a narrow range since last three sessions as the index has approached the short term resistance zone which is placed in 19450-19550 zone. FIIs recently covered some of the short positions but have been reluctant to cover further shorts and still have more than 80 percent positions on the short side. Hence, there could be some consolidation in the indices in the near term where 19450-19550 will be seen as the resistance zone and 19300-19250 will be seen as support. Traders should look to trade with a stock specific approach in such consolidation. However, the midcap and the smallcap index which has seen a decent up move from the recent swing low have overbought setups on the short term charts. Hence, one should avoid aggressive positions here and trade with proper risk management for the short term.

Nifty continues consolidation near resistance of 19500

Ruchit ki Rai - 9 Nov


Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19330 43365 19380
Support 2 19270 43190 19320
Resistance 1 19450 43860 19560
Resistance 2 19500 44050 19620

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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