Nifty prediction today – Nov 9, 2023: Index is range bound
Nifty 50 (19,450) opened today’s session slightly higher at 19,457.40 versus Wednesday’s close of 19,443.50. But the index is now back to near yesterday’s closing level of 19,450.
The benchmark index is staying flat despite positive cues from the Asian market. Interestingly though, the mid- and small-cap indices are up today after the first hour of trade.
Within sectors, Nifty Realty, up 1.1 per cent, is the top gainer. Nifty FMCG, down 0.4 per cent, is the top loser.
Among the major Asian indices, Nikkei 225 (32,540), Hang Seng (7,010) and KOSPI (2,430) are up between 0.3 and 1.2 per cent.
Nifty 50 futures
The November futures contract of Nifty 50 opened today’s session at 19,503.60 against yesterday’s close of 19,490.85. It is currently trading 0.1 per cent higher at around 19,510.
The chart shows that Nifty futures is oscillating between 19,475 and 19,530. So, the contract should move out of the range of 19,475-19,530 for us to forecast the next swing in price.
A breakout of 19,530 can lead to Nifty futures rallying to 19,640. Although 19,575 is a minor resistance, we anticipate the contract to surpass this level following the potential breach of 19,530.
On the other hand, if the contract falls below 19,475, it can extend the downswing to 19,415, the nearest notable intraday support. Subsequent support is at 19,350.
Trading strategy
Stay out for now and initiate trade along the direction of the breach of the range 19,475-19,530.
Supports: 19,475 and 19,415
Resistance: 19,530 and 19,640