Today’s Nifty 50 & Sensex: The Nifty 50 & Sensex, the benchmark equity indices in India, are anticipated to begin trading higher on Friday due to encouraging global cues following a dovish US Federal Reserve.
The trends observed in Gift Nifty also suggest that the Indian benchmark index is off to a strong start. The Gift Nifty was trading at about 19,354, compared to the previous close of 19,249 for the Nifty futures.
On Thursday, the benchmark indices both gained more than half a percent as the equity markets rallied.
The NSE Nifty 50 gained 144.10 points, or 0.76%, to close at 19,133.25, while the BSE Sensex finished 489.57 points higher at 64,080.90. – Today’s Nifty 50 & Sensex
On the daily chart, the Nifty 50 produced a tiny positive candle with a small upper and lower shadow, suggesting the formation of a high wave type candle.
Since turning down from around the critical 19,200 level resistance, the market has not recently displayed any notable weakness. Nifty is once more headed towards the hurdle as a result of the decline with range-bound action observed in the previous two sessions. This is encouraging, stated HDFC Securities Technical Research Analyst Nagaraj Shetti.
He thinks the Nifty 50’s short-term uptrend trend is still intact, and the index may move back toward the 19,200–19,300 levels in the upcoming sessions before consolidating from the highs once more.
What to anticipate from Bank Nifty and Nifty today is as follows:
Data for Put and Call Options
According to an analysis of the call side’s open interest (OI) data, the strike prices of 19,200 and 19,500 had the highest OI. As for the put side, Deven Mehata, Research Analyst at Choice Broking, pointed out that the highest OI is at the strike price of ₹19,000.
Nifty Fifty
As the conflict between bulls and bears intensifies, the Nifty index has created a doji candle on the daily chart, signifying a state of indecision.
There is clear fresh put writing for the next weekly expiry, and downside support is seen in the 19,000–18,900 range. Kunal Shah, Senior Technical and derivative analyst at LKP Securities stated that the index may move towards 19,300–19,350 if fresh short covering is sparked by a breakthrough at the 19,200 level, which indicates immediate resistance.
Bank Nifty
On November 2, the Bank Nifty index rose 316 points and closed at 43,017, creating a Doji candlestick pattern on the daily chart.
“An unresolved doji candle formation is visible on the daily chart of the Bank Nifty, indicating uncertainty in the Index. Strong resistance is implied at this level since the index was unable to close above its crucial 200-day Simple Moving Average (SMA) at 43,200. It’s best to hold off on considering a long position in Bank Nifty until there is a consistent break above the 200-day SMA, as this could point to an eventual upward trend, according to Shah.
