The Nifty 50 surged 1.58 percent on November 3, extending its upward momentum for the fourth consecutive session. Another strong gap-up opening, sustained bullish momentum, an improving broader market structure signalling a shift from bearish to bullish, further correction in crude oil prices and persistent FII inflows boosted market sentiment. These positive factors have strengthened the possibility of the Nifty 50 reclaiming its 200-day EMA, placed around 23,900, in the coming sessions. A sustained move above this level could open the door for further upside towards the 24,000–24,200 zone, which is expected to act as a crucial resistance area. On the downside, the 23,500–23,600 zone is likely to provide immediate support to the index, according to market experts.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 23,827, 23,904, and 24,029
Support based on pivot points: 23,576, 23,499, and 23,373
Resistance based on pivot points: 55,700, 55,834, and 56,049