Market Outlook for 10 November 2023

Nifty consolidated in a narrow range on the weekly expiry day and ended the day below 19400 with a marginal loss.

Nifty Today:

The benchmark index has been consolidating in a narrow range since last three sessions as the index has approached the short term resistance zone which is placed in 19450-19550 zone. FIIs recently covered some of the short positions but have been reluctant to cover further shorts and still have more than 80 percent positions on the short side. Hence, there could be some consolidation in the indices in the near term where 19450-19550 will be seen as the resistance zone and 19300-19250 will be seen as support. Traders should look to trade with a stock specific approach in such consolidation. However, the midcap and the smallcap index which has seen a decent up move from the recent swing low have overbought setups on the short term charts. Hence, one should avoid aggressive positions here and trade with proper risk management for the short term.

Nifty continues consolidation near resistance of 19500

Nifty, Bank Nifty Levels and  FINNIFTY Levels: