Nifty 50, Sensex today: What to expect from stock market indices in trade on November 1
BSE Sensex fell 237.72 points to end at 63,874.93, while the NSE Nifty 50 settled 61.30 points, or 0.32%, lower at 19,079.60. Nifty 50 formed a long bear candle on the daily chart, which is indicating an emergence of selling pressure from near the crucial resistance of 19,200-19,300 levels.
Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday —November 1 “Hence, there is a possibility of further consolidation movement or minor weakness at the highs. A decisive move above the hurdle of 19,300 could open the next upside target of 19,600 levels in the near term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Here’s what to expect from Nifty 50 and Bank Nifty today: According to Deven Mehata, Research Analyst at Choice Broking, Nifty 50 has a support around 19,050-18,850 zone. “Coming to the OI Data, on the call side, the highest OI observed at 19,200 followed by 19,300 strike prices while on the put side, the highest OI is at 19,000 strike price," Mehata said.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the Nifty 50 index faced a challenge after a gap-up opening on October 31, encountering strong resistance at higher levels and failing to surpass the day's high. “Currently, the index is trading within a wide range bound by 18,900 and 19,250, and a breakout in either direction is likely to trigger trending moves.
The broader trend remains negative, and only a close above 19,300 would signal a resumption of the uptrend," Shah said. Also Read: Buy or sell: Vaishali Parekh recommends buying these 3 stocks
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