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If the Nifty50 decisively holds 19,500 as well as moved above the falling resistance trendline, then the index can start marching towards the high of October at 19,850
ICICI Securities expects the index to extend the ongoing pullback towards 19,450 in the coming weeks, as it represents a 61.8 percent retracement of the last decline leg (from 19,850 to 18,838). However, they anticipate this movement to be non-linear due to expected elevated volatility ahead of the US Fed meeting
DLF and Godrej Properties are two such stocks which are seeing buying interest on November 1. Both the stocks have gained more than 1 percent in the session with DLF surging by 2.5 percent to Rs 577.6 at 12:32 pm.
Crucial support for the Nifty50 is expected to remain at 18,800, the low of the last week, as beyond this point, it may slide down to 18,600-18,500. On the higher side, the immediate hurdle will be at 19,200-19,300, followed by 19,500
The market has started pricing in a scenario wherein global financial conditions would tighten up further and oil prices may stay higher, probably touching $100 a barrel mark, in coming months.