Nifty 50, Sensex today: What to expect from stock market indices in trade on November 7

Indian stock market indices Nifty 50 and Sensex are expected to open weak global cues tracking lower.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 19,462 levels compared to the Nifty futures close of 19,484.

On Monday, the domestic equity indices widened for the third session in a row amid improved investor risk appetite spurred by expectations of an imminent end to the interest rate hike cycle and the likelihood of earlier rate cuts. which was expected.

The 30-share BSE Sensex ended 594.91 points higher at 64,958.69, while the NSE Nifty 50 gained 181.15 points, or 0.94%, to close at 19,411.75.

The Nifty 50 index formed a decent bullish candle on the daily chart with a minor upper and lower shadow. The upside gap of the last three sessions remains intact.

“This market action signals a decisive upside bounce in the market after creating an important fundamental retracement at 18,837 levels on 26 October. The immediate resistance of 18,250 has been taken out sharply on Monday’s upside and the market is now moving towards the next overhead resistance of around 19,550-19,600 levels in the short term,” said Nagaraj Shetti, Analyst Technical Research, HDFC Securities.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty Call/Put Option Details

As per the Nifty Open Interest Data, on the call side, the highest OI was observed at 19,500 followed by 19,600 strike price. On the other hand, the highest OI is at 19,300 strike price, according to Deven Mehata, Research Analyst, Choice Broking.

Amazing 50

The Nifty maintained a positive trajectory throughout the day and closed higher for the third straight session on November 6.

“On the upside, the rally encountered resistance at the 21-day moving average (21DMA). The trend is expected to continue to move sideways in the short term. A decisive advance above 19,450 points could pave the way for a Nifty rally,” said Rupak De, Senior Technical analyst at LKP Securities.

On the downside, support is located at 19,300 points, he said.

Bank Nifty

The Bank Nifty index gained 301 points to end at 43,619 on November 6.

“On the higher side, the index closed above the 21-day moving average (21DMA). The trend is expected to remain positive in the short term. Support on the downside is located at 43,300 points. On the upside, a move above 43,700 points could trigger a rally towards 44,500 points,” said De.

Also read: Dividend stocks: Marico, DB Corp, Sonata Software, 6 more to trade ex-dividend today

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Updated: 07 November 2023, 07:04 AM IST

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