Benchmark index Nifty was decisively trading above 23,300-mark on November 2 as oil prices eased from a six-month high on talks to end the Iran war, while Reliance Industries jumped nearly 8% after reporting stronger-than-expected September-quarter profit.
At 11:30 am on November 2, Nifty was trading 1.2% higher at 23,336.3.
Where does next resistance lie for the index? Here's what analysts said:
Technically, the Nifty bias is cautiously positive. Clearing 23,300 resistance targets 23,500. The 23,000 mark is a crucial pivot, with the undertone constructive above 22,800 support (a break exposes 22,500), said Hemang Gor, Senior Research Analyst – Derivatives & Technical Research, Axis Direct.
On the higher side, 23,175/74,800 would be the immediate resistance zone for the bulls. A successful breakout above this zone could push the indices towards 23,350/75,200. Further upside could extend the rally towards 23,500/75,500. On the flip side, a fall below the 20-day SMA, placed near 22,600 for the Nifty and 73,400 for the Sensex, would make the uptrend vulnerable. Below these levels, short-term traders may consider exiting their long positions, said Shrikant Chouhan, Head Equity Research, Kotak Neo.