As the market gears up for today’s opening bell, a glance at yesterday’s activity reveals a dynamic interplay between foreign and domestic institutional investors. According to provisional data from the National Stock Exchange, foreign institutional investors opted to offload shares amounting to ₹261.81 crore, contrasting with domestic institutional investors who demonstrated confidence in the market by acquiring stocks worth ₹822.64 crore on November 10.
Anticipating today’s trends, the GIFT Nifty suggests a positive kick-off for the broader index, hinting at an initial gain of 21 points. However, the benchmark Sensex and Nifty indices are expected to greet the day with a marginal dip on November 13.
In the Muhurat trading session on November 12, the BSE Sensex made significant strides, surging by 354.77 points to hit 65,259 points. Simultaneously, the Nifty50 witnessed a commendable rise, closing at 19,525.55 points after a 100-point ascent.
The market’s recent performance unveils a battleground in the 19,450-19,500 zone, a range that aligns with the 50-day Exponential Moving Average (EMA) set at 19,450. Notably, the 21-day EMA, positioned at 19,370 points, continues to serve as a robust support line for the Nifty50, complemented by the 100-day EMA at 19,300, playing a critical support role.
For traders eyeing potential levels, the pivot point calculator outlines probable support at 19,355, followed by 19,327 and 19,280. Conversely, resistance levels loom at 19,449, with subsequent barriers at 19,477 and 19,524. As investors navigate through these markers, the market awaits further cues to decipher the evolving financial landscape.
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