Nifty Outlook: The Indian stock market continued to fall for the second consecutive day. The pattern of lower high and lower low continued in Nifty and the index could not stand above 25,500 amid widespread selling. Nifty opened 4 points down and initially tried to recover, but due to the return of selling, the index slipped again and finally fell 87 points to close at 25,509 on Thursday.
Now let us understand from the experts how the movement of Nifty will be on Friday 7th November and which levels will be important. But, before that, let us know what special happened in the market on Thursday.
Nifty’s top gainers and losers
Asian Paints, Reliance Industries and UltraTech Cement were the top gainers of Nifty. At the same time, Grasim, Hindalco and Adani Enterprises were the biggest falling stocks.
Among the sectoral indices, only Nifty IT and Auto were in slight gains, while Media, Metal and Consumer Durables proved to be the weakest sectors. Broader markets also remained under pressure, with Nifty Midcap 100 falling 0.95% and Smallcap 100 falling 1.40%.
Expert opinion on Nifty
According to technical charts, the trend of Nifty remains weak. Nagaraj Shetty of HDFC Securities said that the index is now approaching the very important support zone of 25,400, which also matches the earlier trendline resistance. According to him, the nearest resistance for Nifty is at 25,700.
Nilesh Jain of Centrum Broking says that short-term weakness may continue for now. He believes that any recovery will see immediate selling. He also said that to negate the bearish setup, Nifty will have to go above 25,800, while the first support is around 25,350.
Level of 25,450 is important
Rupak Dey of LKP Securities said that Nifty is back near its previous swing high support of 25,450. He warned, ‘If Nifty breaks this level, the short-term trend may become further weak. But if it remains above this then there may be a possibility of reversal.
Nandish Shah of HDFC Securities also described the zone of 25,400-25,450 as very critical. He said that after a decisive break below this level, the decline may intensify further.
condition of bank nifty
Bank Nifty also fell for the second consecutive day and is currently consolidating near its previous swing support.
According to Sudeep Shah of SBI Securities, the 20-day EMA range of 57,400-57,300 will become immediate support for Bank Nifty. According to him, if the index slips below 57,300, the fall may extend to 56,800. On the upside, zone 57,900-58,000 will be a strong resistance.
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