Nifty 50, Sensex today: What to expect from stock market indices in trade on November 7
BSE Sensex ended 594.91 points higher at 64,958.69, while the NSE Nifty 50 rallied 181.15 points, or 0.94%, to close at 19,411.75. The Nifty 50 index formed a reasonable bull candle on the daily chart with minor upper and lower shadow. The opening upside gap of the last three sessions remains intact.
“This market action signals a decisive upside bounce in the market after the formation of an important bottom reversal at 18,837 levels on 26th October. The immediate resistance of 18,250 has been taken out sharply on the upside on Monday and the market is now advancing towards the next overhead resistance of around 19,550-19,600 levels in the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. (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: As per the Nifty Open Interest Data, on the call side, the highest OI observed at 19,500 followed by 19,600 strike prices.
On the put side, the highest OI is at 19,300 strike price, according to Deven Mehata, Research Analyst, Choice Broking. The Nifty maintained a positive trajectory throughout the day and closed higher for the third straight session on November 6. “On the upper side, the rally encountered resistance at the 21-day moving average (21DMA).
It is anticipated that the trend will continue to move sideways in the near term. A decisive breakthrough above 19,450 points could potentially pave the way for a Nifty rally," said Rupak De, Senior Technical analyst at LKP Securities. On the lower end, support is situated at 19,300 points, he added.
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