Market Outlook for 16 November 2023

Post the mid-week holiday, Nifty started the day on a positive note on the back of positive global cues. The index traded with a positive bias throughout the day and ended just below 19700 with gains of over a percent.

Nifty Today:

The global markets rallied higher post the inflation numbers from the U.S. and this had an impact on our markets too. Nifty surpassed the 50 percent retracement resistance with a gap up opening on Wednesday and this led to a buying interest in the broader markets. All the indices ended in the green with Realty and IT sectors outperforming the rest. FIIs still had significant short positions ahead of the holiday and such positivity could lead to short covering by them which would add to the momentum. Now the index is trading close to the 61.8 percent retracement level which is seen around 19700. A move above this could lead to continuation of up move towards swing high at 19800-19850. On the flipside, 19540 and 19470 would be seen as immediate supports.   

Global markets news flows led to positive momentum in Nifty

The Midcap and the Small-Cap index have rallied sharply from the recent swing lows and are trading at all-time highs. However, the RSI readings on the lower time frame charts are in an overbought zone and hence, short term traders should also look for booking profits in this space.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: