Market Outlook for 7 November 2023

Market Outlook 7 November 2023

by Ruchit Jain Last Updated: Nov 07, 2023 - 12:25 pm 480 Views
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Nifty started the week on a positive note and consolidated around 19350 for most part of the day. However, the index resumed its momentum in last couple of hours and ended above 19400 with gains of about a percent.

Nifty Today:

Our markets have continued its pullback move led by the broad market momentum. The up move is much on expected lines as the FII’s were short heavy and have started covering their positions. Nifty has surpassed its initial hurdle of 19370 which was the 38.2 percent retracement level of the recent correction. The daily and the hourly RSI readings are positive indicating a positive short term momentum. However, the Nifty has multiple hurdles in this upmove where the 40 EMA resistance is seen around 19440 and then the 50 percent retracement level at 19530. Inspite of some short covering, there still significant short positions outstanding and if these short are covered further, then we could see further momentum.

Short covering lifts Nifty higher, momentum readings stay positive

Market Outlook Graph 6-Nov-2023

One should ride the existing positions with a trailing stoploss method and be very stock specific in looking for trading opportunities. On the lower side, the immediate support is placed around 19270.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19340 43470 19450
Support 2 19270 43320 19380
Resistance 1 19440 43800 19630
Resistance 2 19530 43940 19700

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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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