Nifty Outlook for 23-Nov-2023 based on Option Chain data as on EOD 22-Nov-2023 for Expiry on 23-Nov-2023

Predictive Analytics - Data-driven patterns based prediction

Jai Jinendra,

Previous trading day prediction review

Nifty futures opened at 19839.95 with intraday high of 19894.40, intraday low of 19755.60 and closed at 19886.60

Nifty futures data was pointing towards19700 and 19694. The low for the day reached very nearer to first target with 5.60 points away. 

Next trading day prediction (Futures). 

Nifty Outlook for 23-Nov-2023 based on Option Chain data as on EOD 22-Nov-2023 for Expiry on 23-Nov-2023

Nifty Data is pointing towards 19750 (futures).

The monthly data for Nov 2023 expiry is not showing any weakness (19950) so I expect any falls to be shallow.

Nifty spot Support 19500 and Resistance 19800. In between there are minor support and resistance. (spot). Although Spot Nifty has closed above the resistance level of 19800, It is just 11 points above the resistance level so I would wait for one more close above 19800 tomorrow before I change support and resistance levels.

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.  (3) Sideways Markets.

3. Global Uncertainties and events like US FOMC meets etc  could cause some disruption. 

4. Instead of using my predictions for trading, use it as second opinion to supplement to your own analysis. 

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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