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The outlook for the Nifty Index leans towards a neutral scenario. There is an expectation of further rangebound movement in the Nifty, potentially between 18,830 – 19,560 levels.

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Notably, significant support from Put writers is evident at 19,400, where they have established a substantial position.

For Nifty50, 19,330 is an immediate support level, while 19,220 is a key support level. The overall texture is still buy on dip.

Bharat Forge has formed long bullish candlestick pattern with minor upper & lower shadows on the daily scale with robust volumes. The stock climbed above 21 as well as 50-day EMA on Monday.

Godrej Properties saw breakout of slightly downward sloping resistance trendline adjoining highs of July 28 and October 11, and formed long bullish candlestick pattern on the daily scale with robust volumes.

Within the defensive sectors like IT, FMCG, and pharma, the belief is that the pharmaceutical sector (pharma) might take the lead, followed by FMCG and IT, says Anirudh Garg of Invasset PMS.

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If the said level get decisively broken on the higher side, then 19,500-19,600 cant be ruled out, whereas on the lower side, 19,000-18,900 is likely to be a key support zone, experts said

A close above 19,300 might confirm a bottom and the Nifty50 might be heading towards much higher levels.