Market Outlook for 26 October 2023

Market Outlook for 26 October 2023

by Ruchit Jain Last Updated: Oct 27, 2023 - 10:29 am 662 Views
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Post the mid-week holiday, Nifty started trading marginally positive as the global markets witnessed marginal recovery. However, the indices corrected sharply in Tuesday’ session also and Nifty corrected by more than 150 points to end just above 19100.

Nifty Today:

Our market has continued the corrective phase and has breached the important supports at the start of the week. The follow up selling in the large caps as well the broader markets hints at a continuation of this corrective phase. Now the data remains negative as more than 70 percent of the positions of FIIs in the index futures segment are still on the short side. It needs to be seen how much of these positions are rolled to the November series. The RSI readings on the daily chart are in Sell mode but are approaching the oversold zone on the hourly chart. Thus, a pullback move cannot the ruled out from support levels which are placed around 19960 and 19870. On the higher side, 19290-19350 will be seen as resistance zone. 

Selling pressure in market continues

Market Outlook Graph 25-October-2023

On the higher side, 19290-19350 will be seen as resistance zone. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 18960 42600 19120
Support 2 18870 42350 19000
Resistance 1 19180 43000 19300
Resistance 2 19290 43230 19410

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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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