HDFC Securities highlights that Indian equity benchmark indices ended higher for the second straight day on Nov 03. At close the NSE Nifty 50 ended 1.24% or 144.3 points higher at 11,810. The Nifty remained in a 110 point range after opening higher.
 
Volumes on the NSE were higher than recent average. Banks, Metals, Auto and Pharma indices rose the most while Realty and Energy fell the most. Broader market indices closed almost flat.
 
Asian stock markets followed Wall Street higher on Tuesday as investors watched for U.S. election results, hoping a win by challenger Joe Biden in the presidential race might lead to more economic stimulus.
 
European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the United States votes in its most polarised presidential election in living memory. A clear Biden win, where his party retains control of the House and wins the Senate, seems like the most positive outcome for markets
 
Nifty rose with a mildly positive advance decline ratio, bringing back confidence of traders in the near term direction. However the outcome of US Presidential elections which will be known earliest by Nov 04 late night, outcome will also impact the sentiments and near term trend of the markets. On up moves 11837-11899 could offer resistance while on down moves 11723-11749 could offer support to the Nifty.
 
After the formation of a minor positive candle pattern in the last couple of sessions, Nifty witnessed a sharp up move on Tuesday and closed the day on promising gains of around 144 points. A long bull candle was formed with gap up opening and the intraday upside gap remains unfilled. This pattern could be a signal of short term bottom reversal in the market and the unfilled upside gap could be considered as an intraday bullish breakaway gap.
 
After opening on a positive note on Tuesday, Nifty continued its upmove in the early part of the session, before shifting into a narrow high low range for the better part of the session. Minor intraday dips of mid part were used for buying and Nifty finally closed at the upper range of 11830 levels.
 
See Zee Business Live TV Streaming Below:

The overall market breadth has turned up slightly with broad market indices like NSE midcap100 closing higher by 0.70% and small cap 100 closed on a flat note. This could be a minor cause of worry for the market to sustain the highs.
 
Initial resistance of 11750 levels has been broken on the upside and and Nifty sustained above it. The next important resistance is placed at 11930-11950 levels, which is an upper area of the recent consolidation.
 
Conclusion: The short term trend of Nifty has turned up, after forming a reversal type pattern at 11550 levels. One may expect further upside in the coming session and Nifty could test the next upside resistance of 11900-11950 in the next couple of sessions. Immediate support is placed at 11740 levels.

 


Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.





Source link
#Nifty #today #Index #rises #points #close

Leave a comment

Your email address will not be published. Required fields are marked *