IGI Logo

Below View on Nifty and Bank Nifty 02 November 2022 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

Nifty

"The Nifty index witnessed some selling pressure from the higher level ahead of the FED meeting. The undertone remains bullish and once the index breaks above 18200 will witness a sharp short covering on the upside towards the 18500-18800 levels. The lower-end support stands at the 17950-17800 zone which will act as a cushion on the downside."

Bank Nifty

"The Bank Nifty index continued sideways consolidation between the 41,000-41500 range. The options data suggest stiff resistance on the upside at 41500 where the highest open interest is built up on the call side. The index once breaches the hurdle of 41,500 will witness a sharp covering on the upside towards 43,000 levels."

Above views are of the author and not of the website kindly read disclaimer