BSE, NSE Index Views for November 1, 2013

For Thursday, October 31, 2013, the trend deciding point worked out at 6204 mark. The weekly trend deciding point was at 6188 mark. Thus any fall in Nifty towards the band of 6204-6188 was to offer a buying opportunity with a stop loss of thirty to forty points. On the upside, resistance existed at 6329 mark and if this was crossed, then the next resistance was to emerge at 6352 mark. But this was to be possible, only if there was a sharp up move. And on Thursday, Nifty opened at 6238 and soon made a low of 6233. From here on, continuously, nifty gathered strength and touched the high of 6302.60. Thus, it bounced without touching the envisaged support of 6204. However, it did move towards 6329 mark, when it touched the high of 6302 mark. Nifty finally settled the day at 6299 mark.
 
For Friday, November 01, 2013, the trend deciding point emerges at 6259 mark. While, the second weekly resistance, which has now turned as support, stands at 6249 mark. Thus any fall in Nifty towards this band of 6259-6249 is expected to offer a buying opportunity. However sustenance of this band is to be ensured before entering such a trade. Strict stop loss of thirty to forty points is a must. On the upside, Nifty is expected to face resistance at 6360 mark. If this is crossed due to demand pressure, then the next resistance is expected to emerge at 6410 mark. This level is expected to be attained only if there is a sharp up move.
 
Index Range:(November Future)

Nifty: 6333
Range: 6250 - 6450
Resistance: 6349 – 6375 - 6410
Support: 6315 – 6288 - 6254

Bank Nifty: 11560
Resistance: 11621 – 11757 - 11946
Support: 11433 – 11296 - 11108

Sensex: 21289
Resistance: 21337 – 21410 - 21499
Support: 21248 – 21176 - 21087

Categories: BSE Index, NSE Index, Today's Index view, Today's stock market outlook