Nifty Outlook for 1-Nov-2023 based on Option Chain data as on EOD 31-Oct-2023 for Expiry on 2-Nov-2023

Update as on 9:40 a.m.

No Change in data, Still it is split on both sides.

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Predictive Analytics - Data-driven patterns based prediction

Jai Jinendra,

Previous trading day prediction review

Nifty was expected to move towards 19325. Nifty futures reached near the high of 19279 at opening of the trade and from there it went down. (Futures)

Next trading day prediction

Nifty Outlook for 1-Nov-2023 based on Option Chain data as on EOD 31-Oct-2023 for Expiry on 2-Nov-2023

Two different parameters are pointing towards two different directions with 18930 on lower side and 19291 on higher side. 

I would again check the data in first hour after market opens to confirm any change. However looking at the weakness of the market, I feel it might go on down side.

Nifty spot Support 18700 to 18800 and Resistance 19300 to 19400 

Note - 

1, If Prediction is pointing towards high, and market opens high next day then check the risk reward else avoid such trade. Same for opposite side.

2. Why sometimes system parameters provides two predictions on opposite sides?

Such scenario happens for different reasons (1) Weekly or monthly expiry has happened but complete rollover has not happened on the expiry day but operator has planned it for next trading day (2) Global uncertainties, when large players want to wait for overnight developments and then decide on direction to take.  However with every trading day, market provides learning opportunity so if similar pattern happens in future, one can be prepared.

3. Global Uncertainties  could cause some disruption.  

Disclaimer - This is not a investment or trading advice / recommendation. It does not look at Technical Analysis or Fundamental Analysis. It is based on quantitative approach using Predictive Analytics. The outcome could be prone to data issues or calculation issues. This post is for information purpose only.  I don't charge or offer any paid service. The higher probability percentage or ranking does not guarantee the actual outcome to be matching with that of predicted outcome. I am not SEBI registered. For more details on Probability Analysis refer the FAQ in link below https://www.marketprobabilityinsights.com/p/what-is-probability-analysis.html    

Location: India

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