Nifty Prediction for November 10, 2023: Bearish outlook, consider short positions on rallies

Posted on by

Nifty 50 November futures (19,402)

The Nifty 50 and Sensex are trading lower today. Both the indices are down by about 0.3 per cent each. The Sensex is trading at 64,620, and the Nifty at 19,341.

The resistance near 19,500 has held well on the Nifty. So, the chances of this turn-around leading to an extended fall in the coming days cannot be ruled out. A break below 19,300 can increase the pace of the fall and drag the Nifty down to 19,000 and lower in the coming days.

Global indices

The Asian markets are all in the red. The Hang Seng (17,232) is down the most, by 1.59 per cent. The Kospi (2,408) is down 0.8 per cent, while the Nikkei 225 (32,528) and Shanghai Composite (3,039) are down about 0.4 per cent each.

The Dow Jones Industrial Average (33,891.94) in the US has fallen below 34,000 again. The resistance at 34,250 has held very well. A break below 33,850 can take the Dow Jones down to 33,500 and even lower in the coming days.

Nifty 50 futures

The Nifty 50 November futures (19,402) is down about 0.4 per cent. It has support around 19,350, which can be tested during the day today. A break below it can drag the Nifty 50 November futures contract down to 19,250-19,200 and even lower in the coming days.

Intraday resistance is in the 19,430-19,450 region, which can cap the upside. A strong break above 19,450 is needed to move up towards 19,500 again.

Trade strategy

Traders can go short on a rise to 19,420 and 19,440. Keep the stop-loss at 19,465. Trail the stop-loss down to 19,410 as soon as the contract moves down to 19,390. Move the stop-loss further down to 19,485 when the contract touches 19,470. Exit the short positions at 19,360.

Supports: 19,350, 19,300

Resistances: 19,450, 19,500