Nifty Analysis for 13th Novemeber, 2023

After trading in the range of 19300-19467 since the start of the last week, Nifty opened above 19500 in the one-hour Muhurat Trading at 19547. Sustained above 19500 level throughout and closed at 19526, amidst low volume. It gained over 100 points and this gain was led by IT and PSUs stocks.

Dow Jones, S&P500 and Nasdaq soared and ended up with big gains on Friday as treasury yields calmed. Mixed signals from the Asian Market, as Hangseng, KOSPI, Nikkei and Shanghai Composite opened at a gap up but have fallen below the previous closing except Nikkei. Gift Nifty is currently trading up 55.5 points.

A Flat opening indication. On daily chart, it has entered above 0.5 area of Fibonacci retracement drawn from its high of 20230.65 and low of 18837.85. On the upside, if it breaks 19547, it could move towards 19600 level. On the downside, if it breaks 19510, it could move towards 19464. 19400 will act as a strong support. Significant call writing at the strike of 19600 and 19800 level and put writing at 19400 level.

If it holds above 19500 level, there is higher possibility that index could move towards the 19850 level, from where stronger bullish momentum can be realized.

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