Market Outlook for 23 November 2023

Market Outlook 23 November 2023
Market Outlook for 23 November 2023

by Ruchit Jain Last Updated: Nov 23, 2023 - 11:15 am 749 Views
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Nifty started the day on a positive note on Wednesday, but it traded with swing on both sides where it initially corrected upto 19700, but recovered towards the end to close the day above 19800 with marginal gains.

Nifty Today:

Nifty has been trading within a narrow range since last few days and the index is yet to see a breakout for a directional move. The hourly moving average support at 19700 played its role during the day and Nifty recovered from that support. A breakout beyond 19700-19870 will lead to the next directional move and hence, traders are advised to trade in the direction of the breakout. FIIs still have significant short positions intact as they have not covered much of the positions in the recent upmove. A breakout in Nifty above 19870 could lead to short covering of these positions which would be positive. The Nifty Midcap and the Small-Cap indices had overbought set-ups on the hourly charts, but they have cooled off from their highs during intraday correction/consolidation. For the Midcap100 index, 41600-41500 is the important support to watch out for.

Nifty whipsaws ahead of weekly expiry, 19700-19870 breakout levels

ruchit-ki-rai-22-Nov

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19735 43220 19480
Support 2 19650 43000 19400
Resistance 1 19870 43700 19630
Resistance 2 19980 43920 19700

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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.

Disclaimer

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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