Market Outlook for 21 November 2023

Market Outlook for 21 November 2023

by Ruchit Jain Last Updated: Nov 21, 2023 - 05:15 pm 258 Views
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Nifty started the week on a flat note and the key indices traded within a narrow range throughout the day. Nifty ended the day just below 19700 with a minor loss while the Bank Nifty index ended on a flat note.

Nifty Today:

It was a day of consolidation for the index, but stock specific movement kept the market momentum intact. The Midcap and the Small Cap index posted minor gains and continued to mark new highs, but the momentum readings on the lower time frame charts here are highly overbought and hence, risk rewards ratio doesn’t seem to be much favorable for long formation here. The important supports for Nifty are still intact where 19640 will be seen as immediate support followed by positional support around 19480. On the higher side, 19800-19850 is the important resistance zone where the Nifty resisted in the month of October too. In the weekly options segment too, 19800 call option has the highest open interest outstanding indicating option sellers concentration at this hurdle. FII’s still have significant short positions intact as they have not unwound much of their short positions in the recent upmove.

Nifty consolidates in a range amidst stock specific momentum


The above data indicates probability of some consolidation in the index in the short term. Thus, traders should focus on stock specific momentum at the moment until we see a breakout from the range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19640 43300 19420
Support 2 19570 43170 19360
Resistance 1 19750 44720 19580
Resistance 2 19800 43860 19650

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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.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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