Nifty 50 and Sensex are trading higher. Both the indices are up about 0.2 per cent each. Sensex is trading at 65,020 and Nifty is at 19,443.

The region between 19,500 and 19,600 is a crucial resistance zone on the Nifty. A rise to 19,500-19,600 looks likely in the next few sessions. But the price action thereafter will need a close watch. Failure to breach 19,600 can trigger a fresh fall.

Global indices

Asian markets are trading mixed. Hang Seng (17,678) and Shanghai Composite (3,058) are flat. Nikkei 225 (32,186) and Kospi (2,433), on the other hand, are in red.

The Dow Jones Industrial Average (34,152) is sustaining well above 34,000 and moving up gradually. Key resistance is at 34,250. A strong break above it will be bullish to see 35,000 on the upside in the coming days. But a reversal from around 34,250 will keep the index vulnerable to break 34,000 and fall to 33,800 and lower.

Nifty 50 futures

The Nifty 50 November futures (19,502) is up 0.13 per cent. There is not much room on the upside. There is a strong resistance at 19,570. This resistance is highly likely to hold and trigger a reversal. That can take the contract down to 19,400-19,350 initially and even lower in the coming days.

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Day trading guide for November 08, 2023: Intraday supports, resistances for Nifty50 stocks

The Nifty 50 November futures contract has to rise past 19,600 decisively to continue the current uptrend.

Trade strategy

There is less room on the upside. Risk-reward ratio is also not favouring long positions. So, we would prefer to stay out of the market today. See what happens to the resistance at 19,570 and then take trades accordingly.

Supports: 19,400, 19,350

Resistances: 19,570, 19,700

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