Market Outlook for 3 November 2023

Market Outlook 3 November 2023

by Ruchit Jain Last Updated: Nov 03, 2023 - 09:40 am 565 Views
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Nifty started the day on a positive note following the bullish global cues. Nifty then traded within a narrow range for most part of the day, but it maintained the positive bias in the last hour to end the day around 19150 with gains of over eight-tenths of a percent.

Nifty Today:

 The global markets witnessed a recovery post the Fed meeting outcome which resulted in a recovery in our markets too. There are significant short positions outstanding in the index futures segment where 85 percent of the positions of FIIs are on the short side. Now, if we see a recovery in the global markets, then there's a possibility of some short covering of these positions which can lead to further pullback moves in the short term. In next few sessions, 19000-18950 will be seen as the immediate support zone, while 19200-19250 is the near term hurdle. In case of any such short covering move, if the Nifty surpasses the above mentioned hurdle then would see an up move up to 19450 in next few sessions. The market breadth was positive indicating a good stock specific movement.

Short covering of positions leading to a pullback move in the indices 

Market Outlook Graph 2-Nov-2023

Traders are advised to look for such opportunities for a near term pullback move.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19080 42800 19180
Support 2 19000 42560 19090
Resistance 1 19240 43270 19390
Resistance 2 19300 43500 19500

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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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