Nifty 50, Sensex today: What to expect from stock market indices in trade on November 2
BSE Sensex closed 283.60 points lower at 63,591.33, while the NSE Nifty 50 declined 90.45 points, or 0.47%, to end at 18,989.15 on November 1. Nifty 50 formed a reasonable negative candle on the daily chart, which is back-to-back in the last couple of sessions.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty to US Fed policy outcome “Technically, this pattern indicates an emergence of selling pressure after the reasonable upside bounce and also formation of lower top around 19,230 levels. However, the selling momentum seems to have reduced recently as we observe weakness with range bound action in the last couple of sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty 50 continues to be weak and expects the index to slide down to the lower support of 18,850 levels (200 day EMA) once again before showing another round of upside bounce from the lows. (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: Analyzing the Open Interest (OI) data, the highest OI for call options was observed at the 19,100 strike price, followed by the 19,200 strike price.
On the put side, the highest OI was found at the 18,900 strike price, noted Mandar Bhojane, Research Analyst, Choice Broking. Also Read: Day trading guide for today: Six buy or sell stocks for Thursday—November 2 The Nifty 50 index faced selling pressure from higher levels but successfully held the 18,940 support level.
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