Market Outlook for 7 November 2023
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.
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
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.
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