The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,521 level as compared to the Nifty futures’ previous close of 19,488.
On Wednesday, the domestic benchmark equity indices ended with minor gains with broader markets outperforming the Nifty 50 even as the advance decline ratio remained above par at 1.3:1.
The Sensex ended 33.21 points higher at 64,975.61, while the Nifty 50 gained 36.80 points to settle at 19,443.50.
Nifty 50 formed a small body candle on the daily chart with minor upper and lower shadow. This market action is indicating a formation of doji type candle pattern, which is back-to-back for two sessions, signalling confusion in the state of mind among market participants.
“The opening upside gap of November 2nd, 3rd and 6th remains intact on the daily chart and the immediate resistance of 19,300 has already been broken on the higher side. The overall chart pattern remains positive and one may expect the Nifty to advance towards 19,600 levels in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty Open Interest Data
On the call side, the highest Open Interest (OI) was observed at 19,500 followed by 19,600 strike prices while on the put side, the highest OI was at 19,400 strike price, according to Deven Mehata, Research Analyst, Choice Broking.
Nifty 50
The Nifty 50 index remained within a trading range amid cautiousness ahead of the US Federal Reserve Chairman’s speech on November 8.
“Nonetheless, the prevailing trend appears bullish as the Nifty 50 closed above a critical short-term moving average. Notably, significant support from put writers is evident at 19,400, where they have established a substantial position,” said Rupak De, Senior Technical Analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 9
On the lower side, support levels are situated at 19,400/19,300. Conversely, resistance on the higher end is positioned at 19,500, where call writers have added significant positions, he added.
Bank Nifty
Bank Nifty traded sideways on Wednesday and ended 79 points lower at 43,659.
“The prevailing trend appears to be bullish as the index closed above a critical short-term moving average. Support is established at 43,500 on the lower end. As long as the index maintains its position above 43,500, a “buy on dips” strategy is considered appropriate. On the higher end, there is potential for the index to advance towards 44,200.”
Catch Live Market Updates here
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Download The Mint News App to get Daily Market Updates.
Updated: 09 Nov 2023, 07:38 AM IST