Market Outlook for 31 October 2023

Market Outlook 31 October 2023

by Ruchit Jain Last Updated: Oct 31, 2023 - 10:22 am 483 Views
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Nifty started Monday’s session on a flat note and witnessed a minor dip in the first hour of the trade. However, it recovered from the lows and then traded with a positive bias throughout the day to end just below 19150 with gains of about half a percent.

Nifty Today:

Post last week’s fall, Nifty had seen some pullback move in Friday’s session and continued that momentum at the start of the week. However, given the last week’s move, it is difficult to say if the markets have bottomed. If we look at the data, FII’s have about 88 percent of the positions on the short side in the index futures segment which is short heavy. The RSI oscillator on the lower time frame charts were oversold which has resulted in this pullback move but the readings on higher time frame charts are still negative. Hence, this move should just be seen as a pullback move for now and near term trend will depend on the global market news flows and momentum going ahead. The immediate resistances for Nifty in this upmove are seen around 19180 (where hourly 40 EMA is placed) and 19230 (retracement resistance). In the coming session, it will be crucial to see how the index reacts around this resistance level. Traders are advised to stay cautious for a while and look to lighten up positions in the pullback move. On the flipside, the weekly series has seen high open interest build up seen in 19000 put option which would be the immediate support.

Slow and gradual recovery in market, all eyes on global developments 

Market Outlook Graph 30-October-2023

If this gets breached, then the put writers may have to cover their positions which would have a negative impact on our markets. Traders are advised to watch for above mentioned levels and trade accordingly.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19000 42800 19150
Support 2 18860 42580 19050
Resistance 1 19230 43300 19350
Resistance 2 19300 43570 19470

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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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