Nifty 50, Sensex today: What to expect from stock market indices in trade on November 3
US Federal Reserve. The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 19,354 level as compared to the Nifty futures’ previous close of 19,249.
The equity markets rallied on Thursday with both the benchmark indices gaining over half a percent each. The BSE Sensex ended 489.57 points higher at 64,080.90, while the NSE Nifty 50 rallied 144.10 points, or 0.76%, to close at 19,133.25. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow, which is indicating high wave type candle formation.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty, US weekly jobless claims to Apple Q4 results “After reversing down from near the crucial resistance of 19,200 levels, the market has not shown any sharp weakness recently. The decline with range bound action of the last two sessions has resulted in Nifty marching towards the hurdle again. This is a positive indication," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short-term uptrend trend for Nifty 50 remains intact and there is a possibility of the index moving towards 19,200-19,300 levels again in the coming sessions before consolidating again from the highs. Here’s what to expect from Nifty and Bank Nifty today: Analyzing the Open Interest (OI) Data, on the call side, the highest OI was observed at 19,200 followed by 19,500 strike prices. On the put side, the highest OI is at 19,000 strike price, noted Deven Mehata, Research Analyst, Choice Broking.
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