The Indian stock market is expected to open on a mixed note on Monday, October 30, 2023, tracking weak global cues. Nifty and Bank Nifty may see some volatility in the early trade, but are likely to recover later in the day.
Nifty is facing strong resistance at the 19,150-19,200 level. If it fails to cross this level, it may fall to 18,700-18,600 in the short term. Bank Nifty has a crucial resistance at 44,000. It has to see a sustained rise above this resistance to remain bullish. Else it will remain under pressure to break 42,000 and fall to 40,500-40,000.
Here are some key factors to watch out for on Monday:
- Global cues: The Indian stock market is likely to track global cues on Monday. The US stock market closed lower on Friday on concerns about rising interest rates and a potential recession.
- FII activity: Foreign institutional investors (FIIs) have been net sellers in the Indian stock market in recent weeks. Any further selling by FIIs could weigh on the market.
- Corporate earnings: The earnings season for the second quarter of FY24 is underway. Investors will be closely watching the earnings results of major companies to gauge the strength of the corporate sector.
Nifty and Bank Nifty Prediction for Monday, October 30, 2023:
- Nifty is likely to open on a mixed note and trade in a range of 18,900-19,150.
- Bank Nifty is likely to open on a negative note and trade in a range of 43,500-44,000.
- Traders can buy Nifty and Bank Nifty on dips near their support levels.
- Traders can also buy futures contracts of stocks that are expected to report good earnings results.
- It is advisable to avoid taking any fresh short positions in the market as the downside is limited.
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Disclaimer: This blog post is for educational purposes only and should not be construed as investment advice. Please consult your financial advisor before making any investment decisions.