Market Outlook for 1 November 2023

Ruchit Jain Ruchit Jain

Last Updated: 1st November 2023 - 10:35 am

Listen icon

Nifty started the day on a positive note on Tuesday, but it failed to gain momentum and it witnessed some selling pressure on intraday pullbacks. The index ended the day below 19100 with a loss of about one-third of a percent.

Nifty Today:

In last few sessions, Nifty has seen a pullback move from the last week’s low of 18838. However, neither we have seen much short covering data nor fresh long formations in this upmove. Thus, this just seems to be a pullback move as the momentum readings on the lower time frame charts were in the oversold zone. Now with this pullback, the index has resisted around the hourly 40 EMA around 19230 and in the options segment, the call writers have added decent positions at 19200 strike. Thus, the upside seems to be capped from here and until the Nifty breaks above 19250, chances are more of another leg of downmove in the near term. However, since we have been reacting more to the global markets news flows off late, the Fed policy meeting outcome (scheduled Wednesday evening) and the global markets reaction to the same could have an impact on our markets too. Looking at the data, we advise traders to stay cautious again and avoid long positions till below 19250.

Nifty reaches resistance zone, FED policy outcome to drive momentum 

Market Outlook Graph 31-October-2023

On the flipside, the immediate support is placed around 19000-19950 as decent open interest is placed at 19000 put options in the weekly series. A break below this support could then lead to a down move towards 19800-19600 zone in the short term.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 18950 42650 19120
Support 2 18830 42440 19050
Resistance 1 19200 43000 19260
Resistance 2 19300 43200 19340
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 31 October 2024

by 5paisa Research Team 31st Oct 2024

Market Outlook for 30 October 2024

by Ruchit Jain 30th Oct 2024

Market Outlook for 29 October 2024

by Ruchit Jain 29th Oct 2024

Market Outlook for 28 October 2024

by Ruchit Jain 28th Oct 2024

Market Outlook for 25 October 2024

by Ruchit Jain 25th Oct 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?