NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 31 OCT. TO 4 NOV. 2022

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WEEKLY RESISTANCE FOR NIFTY: 17900, 18200, 18500

PIVOT POINT: 17700

WEEKLY SUPPORT FOR NIFTY:  17500, 17300, 17100

WEEKLY CHART FOR NIFTY

The Samvat 2079 started on a promising note on the day of 24 October 2022 Muhurat trading with a bullish gap, which was followed by a minor correction on the consecutive day. The benchmark index witnessed some tentativeness around the 17800 zone ahead of the mid-week holiday; however, the bullish stature remains unchanged with the higher highs formation on the daily chart. The Nifty50 index settled a tad above 17650 levels, with a mere gain of 0.46% in the current truncated week. Indian stock markets closed lower on Tuesday 25 October 2022, erasing gains made earlier in the day, led by losses in banks, financials, and FMCG stocks. Back home, the Sensex fell 287 points to end at 59543, while the Nifty declined 74 points to 17656. Our market has seen an optimistic start with a decent gap up on the expiry trade on Thursday 27 august 2022. But soon after, the index gradually descended towards the 17650 zone until the bulls retaliated from the support zone at the fag end and pared down the losses to eventually enter inside the positive terrain. With such a sharp recovery, Nifty managed to defend 17700 with some authority by adding nearly half a percent to the previous close.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On the technical perspective, the crucial support of the 17600 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was evident on the higher grounds as the index struggled to breach the 17800 zone in the entire week. In terms of technical levels, any breach above the mentioned resistance could surge the market toward the 18000 zone in a comparable period (which we believe should happen anytime soon). At the same time, on the lower end, the 17600-17500 could be seen as immediate support, followed by the sacrosanct support around the 17400 mark.

TECHNICALLY SPEAKING

On the technical perspective, the crucial support of the 17600 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was evident on the higher grounds as the index struggled to breach the 17800 zone in the entire week. In terms of technical levels, any breach above the mentioned resistance could surge the market toward the 18000 zone in a comparable period (which we believe should happen anytime soon). At the same time, on the lower end, the 17650-17600 could be seen as immediate support, followed by the sacrosanct support around the 17500 mark. Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long bets. We may expect gradual moves in key indices, but individual pockets are performing well. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.