Market Outlook for 29 November 2023

Post the extended weekend, our markets started the day marginally positive and traded within a narrow range. However, the last hour of the trade witnessed good momentum and the Nifty index surpassed the recent swing high and ended tad below 19900 with gains of half a percent.

Nifty Today:

Nifty has been consolidating within a narrow range since last few days where 19850-19900 has been acting as a resistance zone. But the index has kept the support intact and it is now on the verge of a breakout above this hurdle. A continuation of this upmove in the coming session could lead to a momentum towards 20000-20050 zone. The short positions in the index futures are still intact and a short covering of these positions ahead of the expiry could be the trigger which could lead the markets higher. The near support for Nifty has shifted higher to 19800-19780. Traders are advised to trade with a positive bias and trail the stop losses higher with the up move in prices.

Nifty on verge of breakout from its resistance

Nifty, Bank Nifty Levels and  FINNIFTY Levels: