NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 27 OCT 2023

NSE STOCK RESULT ON 27 OCT 2023

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Nifty fell again for the sixth straight session on October 26, even as a string of poor corporate results in the US cast a shadow over global risk appetite, already dented by the conflict in the Middle East. At the close, Nifty fell 1.39% or 264 points to 18857. Volumes increased on the NSE, suggesting selling pressure comes with bottom fishing by bulls. Broad market indices fell less than the Nifty, although the advance-drop ratio improved to 0.75:1. The Nifty opened the gap lower and continued to drift lower throughout the day to close in the red with a loss of ~265 points. Since the last three trading sessions, the Nifty has corrected 700 points and appears oversold on the hourly time frame chart. The Nifty has now reached the support group of 18850– 18800, where support lies in the form of the 40-week move that moves the weekly lower Bollinger band. Considering that Nifty has reached a support zone and is looking oversold on the hourly charts, we can expect a decline to 18900– 19000, however, this is probably just a temporary pause in the overall downtrend. On the other hand, the Nifty is likely to drift towards the 18600 mark in the short term and the interim setbacks should be used as a selling opportunity. In terms of levels, 18700– 18500 is likely to act as a crucial support zone while 19000 – 19500  is the immediate hurdle zone. Bank Nifty is heading towards the psychological support of 42000. The decline was very sharp and appears to be oversold, increasing the likelihood of a pullback. The pullback can be expected until 42400 – 42500, but it is unlikely to lead to a trend reversal. Overall, the trend is negative and we expect a short-term target value of 40800.

Resistance: 18700, 18800, 18900  

Support: 18600, 18500, 18400