Market Outlook for 31 October 2024
Market Outlook for 29 November 2023
Last Updated: 29th November 2023 - 10:52 am
Post the extended weekend, our markets started the day marginally positive and traded within a narrow range. However, the last hour of the trade witnessed good momentum and the Nifty index surpassed the recent swing high and ended tad below 19900 with gains of half a percent.
Nifty Today:
Nifty has been consolidating within a narrow range since last few days where 19850-19900 has been acting as a resistance zone. But the index has kept the support intact and it is now on the verge of a breakout above this hurdle. A continuation of this upmove in the coming session could lead to a momentum towards 20000-20050 zone. The short positions in the index futures are still intact and a short covering of these positions ahead of the expiry could be the trigger which could lead the markets higher. The near support for Nifty has shifted higher to 19800-19780. Traders are advised to trade with a positive bias and trail the stop losses higher with the up move in prices.
Nifty on verge of breakout from its resistance
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 19820 | 43750 | 19600 |
Support 2 | 19780 | 43640 | 19550 |
Resistance 1 | 19990 | 44080 | 19790 |
Resistance 2 | 20050 | 44200 | 19850 |
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