Market Outlook for 17 November 2023

The upmove in the global markets continued to have a positive impact on our markets and thus Nifty witnessed a sharp momentum on the weekly expiry day. The index rallied higher after a flat opening and surpassed even 19850 mark. However, it gave up some of the gains in the last half an hour and ended the day above 19750 with gains of about half a percent.

Nifty Today:

Nifty rallied sharply on the weekly expiry led by buying interest seen in some of the large cap names. The IT heavyweights specifically supported the benchmark to rally higher during the day. However, the index witnessed some profit booking towards the end as it approached its resistance of 19850 which was the hurdle seen in a month ago as well. The Nifty has already rallied about 1000 points from the recent low is now trading close to this resistance around 19850. Also, the RSI readings in the Midcap and the Small-Cap index which have outperformed in this rally are in overbought zone. Thus, the risk reward does not seem to be much favorable for long positions here, esp. in the midcap and small cap space. Thus, short term traders are advised to look for profit booking and take some money off the table. However, stock specific buying opportunities could be explored from the large cap stocks as stock specific momentum could stay positive there. 

Global markets news flows led to positive momentum in Nifty

As far as levels are concerned, 19660 and 19560 would be seen as immediate support for Nifty in the near term while 19850-19900 would be the resistance zone.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: