Nifty Outlook for 7-Nov-2023 based on Option Chain data as on EOD 6-Nov-2023 for Expiry on 9-Nov-2023

Predictive Analytics - Data-driven patterns based prediction

Jai Jinendra,

Previous trading day prediction review

Nifty futures was showing 19300 level which was same as closing level of previous day.

Midcap Nifty was pointing towards 8967. The high for the day today was near to that level at 8963.95

Next trading day prediction (Futures). 

Nifty Outlook for 7-Nov-2023 based on Option Chain data as on EOD 6-Nov-2023 for Expiry on 9-Nov-2023

Data is split on both sides with one parameter pointing towards 19400 and another pointing towards 19597.

Nifty spot Support 19300 and Resistance 19800. In between there are minor support and resistance. 

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.  

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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