Market Outlook for 31 October 2024
Nifty Outlook - 1 Nov-2022
Last Updated: 10th December 2022 - 08:23 am
Our markets started trading for the week on a positive note as the global markets were trading with a positive bias. Nifty kept the momentum intact throughout the day and ended the last trading session of the October month above 18000 registering gains of over 1.25 percent for the day and gains of over 5 percent for the October month.
Nifty Today:
At the start of the October month, Nifty formed a support base around its 200-DEMA and started recovering gradually. As the month progressed, the index crept higher as traders with short positions looked to cover their positions and later on, the upmove the global markets and the fall in the US Dollar Index provided impetus to the momentum. Nifty has ended above 18000 mark and the RSI oscillator on the daily chart continues to point at a positive momentum. However, the same readings on the lower time frame (hourly) charts have entered overbought zone and hence it would be crucial to see how much it extends from here, as the overbought set ups usually leads to wither a time-wise correction or a price wise correction. In this week, traders will be keenly watching the RBI meet which is scheduled on 3rd November while US FOMC meet too is scheduled which could dictate the near term movement for equity markets. The technical picture indicates that the short term trend is positive and until we see any reversal, trader should continue to ride the trend.
Nifty reclaims 18000, midcaps back in momentum
After some decent consolidation, the midcap index witnessed a breakout and hence the momentum could shifty back towards some of the midcap counters. Traders should keep a stock specific approach and look for buying opportunities from a near term perspective. With rise in index levels, the supports are shifting higher and the immediate supports for Nifty are placed around 17850 and 17750. On the flipside, 18100 and 18270 will be the resistance levels to watch out for.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17935 |
40970 |
Support 2 |
17850 |
40840 |
Resistance 1 |
18100 |
41750 |
Resistance 2 |
18270 |
41880 |
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