Market Outlook for 3 November 2023
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.
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
Traders are advised to look for such opportunities for a near term pullback move.
|Nifty Levels||Bank Nifty Levels||FINNIFTY Levels|
DisclaimerInvestment/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.
In the heart of the bustling Indian stock market, a tale of triumph unfolded on November 30th, as Tata Technologies made an awe-inspiring debut. The curtains lifted at ₹1,200 apiece on the National Stock Exchange (NSE), casting a premium spell of 140% over the issue price of ₹500 per share. This stellar entry marked the grandest listing since November 2021, echoing through the financial corridors with waves of excitement.
- Dec 08, 2023Read More