Market Outlook for 26 October 2023

Post the mid-week holiday, Nifty started trading marginally positive as the global markets witnessed marginal recovery. However, the indices corrected sharply in Tuesday’ session also and Nifty corrected by more than 150 points to end just above 19100.

Nifty Today:

Our market has continued the corrective phase and has breached the important supports at the start of the week. The follow up selling in the large caps as well the broader markets hints at a continuation of this corrective phase. Now the data remains negative as more than 70 percent of the positions of FIIs in the index futures segment are still on the short side. It needs to be seen how much of these positions are rolled to the November series. The RSI readings on the daily chart are in Sell mode but are approaching the oversold zone on the hourly chart. Thus, a pullback move cannot the ruled out from support levels which are placed around 19960 and 19870. On the higher side, 19290-19350 will be seen as resistance zone. 

Selling pressure in market continues

On the higher side, 19290-19350 will be seen as resistance zone. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels: