Market Outlook for 23 November 2023

Ruchit Jain

Last Updated: 23rd November 2023 - 11:15 am

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

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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