Market Outlook for 8 November 2023

Market Outlook 8 November 2023

by Ruchit Jain Last Updated: Nov 08, 2023 - 05:25 pm 500 Views
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In Tuesday’s session, Nifty started on a positive note but witnessed a pullback move in the initial couple of hours. However, the dip witnessed buying interest at lower levels and it recovered the intraday losses to end the day above 19400.

Nifty Today:

Our markets continued with the pullback move, where buying interest was seen in the intraday decline. FII’s continue to cover their short positions gradually and have reduced some of their short positions. The index is now near its immediate resistances which are seen around 19440 and 19530. While the momentum remains positive, it is advisable not to chase around the resistance levels and keep a buy-on-dip approach. The hourly momentum readings are now in an overbought zone and hence, traders can choose to book some profits on long positions. In the options segment, 19300 put and 19500 call options have the highest open interest which could be the trading range for the next couple of sessions. The Bank Nifty index outperformed ahead of its weekly expiry and open interest build up was seen in 43600-43500 put options which would be seen as the support zone on the expiry day.

Nifty approaching immediate hurdle around 19500

Market Outlook Graph 7-Nov-2023

The Nifty Small cap index registered a new high inspite of the benchmark still away from its previous high. This indicates a buying interest seen in the broader markets and thus, trading with a stock specific approach could be a better idea for short term trading.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19350 43400 19350
Support 2 19290 43100 19350
Resistance 1 19450 43930 19650
Resistance 2 19500 44130 19730

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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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