Market Outlook for 2 November 2023

Ruchit Jain Ruchit Jain

Last Updated: 2nd November 2023 - 12:06 pm

Listen icon

Our markets traded with a negative bias ahead of the Fed meeting as traders seemed cautious post the recent pullback move which resisted in the range of 19200-19250. The index breached the 19000 mark at close and ended with a loss of about half a percent.

Nifty Today:

Our markets witnessed a pullback move from the low of 18837 to 19233 in the last few sessions. However, the data has not turned positive as the FII’s continue with their short positions in the index futures, where they have over 86 percent of the positions on the short side. Also the hourly 40 EMA was placed around 19230 which became the resistance. The momentum readings are negative on the short term as well as the medium term charts indicating that the near term trend remains corrective. If there’s no positive reaction in the global markets to the FED policy outcome, then our markets could continue this down move towards the recent swing low and probably even breach that level. For the coming session, 19100-19140 will be seen as the immediate hurdle as the hourly 40 EMA is placed there now and even in the options segment, 19100 call has the highest open interest. 

Data hints at negative momentum in Nifty, eyes on Fed policy outcome 

Market Outlook Graph 1-Nov-2023

A move above this resistance zone could then lead to a short covering move, but until this hurdle is surpassed the momentum remains negative. We continue with our advice for traders to stay cautious until there are any positive signs in the data.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 18900 42480 19040
Support 2 18820 42360 18980
Resistance 1 19140 42930 19250
Resistance 2 19200 43050 19300
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 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 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?