Nifty 50, Sensex today: What to expect from stock market indices in trade on November 1

The Indian stock market indices, Nifty 50 and Sensex, are expected to open on a cautious note Wednesday amid mixed global cues.

The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 19,130 level as compared to the Nifty futures’ previous close of 19,165.

The domestic equity market indices snapped a two-day winning run to end lower on Tuesday.

The BSE Sensex fell 237.72 points to end at 63,874.93, while the NSE Nifty 50 settled 61.30 points, or 0.32%, lower at 19,079.60.

Nifty 50 formed a long bear candle on the daily chart, which is indicating an emergence of selling pressure from near the crucial resistance of 19,200-19,300 levels.

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“Hence, there is a possibility of further consolidation movement or minor weakness at the highs. A decisive move above the hurdle of 19,300 could open the next upside target of 19,600 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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

Nifty 50

According to Deven Mehata, Research Analyst at Choice Broking, Nifty 50 has a support around 19,050-18,850 zone.

“Coming to the OI Data, on the call side, the highest OI observed at 19,200 followed by 19,300 strike prices while on the put side, the highest OI is at 19,000 strike price,” Mehata said.

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Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the Nifty 50 index faced a challenge after a gap-up opening on October 31, encountering strong resistance at higher levels and failing to surpass the day’s high.

“Currently, the index is trading within a wide range bound by 18,900 and 19,250, and a breakout in either direction is likely to trigger trending moves. The broader trend remains negative, and only a close above 19,300 would signal a resumption of the uptrend,” Shah said.

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Bank Nifty

The Bank Nifty index ended Tuesday’s session 193 points lower at 42,846.

“The Bank Nifty index experienced a trading session where it opened and hit its high at the same level, signaling a strong bearish presence in the market. The confirmed upside resistance for the index is now at 43,500, and until there is a closing breakthrough beyond this level, the overall trend remains negative,” Shah said.

On the downside, he believes, the index has support at 42,400, and a breach below this level may intensify selling pressure, potentially driving the index towards the 41,500-41,000 range.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.