The early report suggested that the indices of the Indian stock market are expected to open higher on Wednesday, November 15, 2023, i.e. today, when the market opens. This came amid the tracking of a sharp rally in US and Asian markets amid positive global cues. Speaking of the trends of Gift Nifty, it indicates a gap-up beginning for the Indian benchmark index as it was trading around the 19,743 level as compared to Nifty futures’ previous close of 19,488. The domestic benchmark equity indices on Monday closed lower by about 0.50 percent amid different global cues. On November 14, the Indian markets remained closed for a holiday. What about Sensex? In the following sections, we have also shed light on the trends of Sensex. Swipe down the page and take a look below.
The Sensex reportedly closed at 64,933.87 which was 325.58 points lower while the Nifty 50 slipped by 82 points and closed at 19,443.55 on Monday, November 13, 2023. In fact, Nifty 50 formed a small negative candle on the daily chart featured with the opening upside gap of November 12’s special session. Technical Research analyst of HDFC Securities, Nagaraj Shetti said, “Nifty is currently placed at the hurdle of the downtrend line at 19,550 levels and is consolidating around the resistance,” Continue reading this article and learn more details.
Nagaraj Shetti further added that he believes the near-term trend of Nifty 50 remains to be positive. He said, “Having placed at the crucial overhead resistance around 19550-19600 levels, there is a possibility of some more consolidation or minor weakness in the short term before showing any decisive upside breakout of the resistance,” Mandar Bhojane the research analyst at Choice Broking Analyzing Open Interest (OI) data said, the call side showed the highest OI at 19,500, and later 19,800 strike prices. Bhojane further added the highest OI on the put side was observed at the 19,400 strike price. This data suggests a potential sideways movement for the Nifty.
The senior technical analyst at LKP Securities named Rupak De. Senior stated, “Towards the upper limit, it encountered resistance near an important Fibonacci Retracement level of the previous decline from (19,850 to 18,837), indicating a potential for bearish movement in the short term. Support at the lower end is positioned at 19,300, while resistance is observed at 19,550,” On Monday, Bank Nifty was not able to maintain levels above the psychological milestone of 44,000 and ended 0.24 percent lower at 43,891. Stay tuned to this website.