Market Outlook for 31 October 2024
Market Outlook for 01 December 2023
Last Updated: 1st December 2023 - 10:58 am
Nifty witnessed some intraday correction on the last trading session of the month and the November series expiry day. However, the index kept its support intact and it recovered from the lows towards the end to post marginal gains and close above 19100.
Nifty Today:
Nifty has rallied higher in last three trading sessions led by some of the index heavyweights and a broad market participation as well. Thus, the short term trend remains positive for the index and the index seems to be approaching the previous highs and could be registering new records too. The Bank Nifty witnessed some pullback on the expiry day, but it could be just a pullback move post the breakout that we saw ahead of the expiry. Hence, traders are advised to trade with a positive bias until there are signs of reversal. The supports on the lower time frame chart for Nifty are placed at 20000 followed by 19930 while positional support base is around 19700 mark. On the flipside, it would be crucial to see how the index reacts around the previous high of 20225 as if the index surpasses this, the momentum would continue.
Nifty ends November month a high note, index approaching previous highs
While most of the sectors are participating in the up move, the FMCG index is the one which is on the verge of a breakout from a long consolidation phase. Since the stocks within this sector have not participated yet in the uptrend, the risk rewards ratio looks favorable for longs and hence, short term traders can look for stock specific opportunities from this segment.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 20000 | 44250 | 19940 |
Support 2 | 19930 | 44000 | 19830 |
Resistance 1 | 20250 | 44750 | 20140 |
Resistance 2 | 20330 | 45000 | 20220 |
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