Market Outlook for 9 November 2023

The Nifty index consolidated in a narrow range in Wednesday’s session as no major momentum was seen in the large cap stocks while the midcaps and small caps outperformed the benchmark. Nifty ended the day just below 19450 with marginal gains, while the Bank Nifty traded with a negative bias and posted minor loss. 

Nifty Today:

It was a day of consolidation for the indices on Wednesday as the indices were stuck in a narrow range. Post the recent pullback move from the lows, the Nifty is now close it its immediate resistance zone of 19450-19550 where certain moving average resistance coincides with the retracement levels. FIIs have covered some of their short positions in the recent pullback move, but still has about 80 percent positions on the short side. If they continue to cover the positions, then we could see further upmove in the markets, but considering that the market is near the resistance and the momentum readings are in the overbought zone on the lower time frame charts, one should better avoid aggressive longs here and wait for either some consolidation or a correction. The immediate support for Nifty is placed around 19380 followed by 19300 while 19450-19550 is the resistance zone. 

Nifty consolidates around the resistance of 19500

Nifty, Bank Nifty Levels and  FINNIFTY Levels: