Nifty Outlook for 8-Nov-2023 based on Option Chain data as on EOD 7-Nov-2023 for Expiry on 9-Nov-2023

Predictive Analytics - Data-driven patterns based prediction

Jai Jinendra,

Previous trading day prediction review

Nifty futures data was split with two parameters showing two values in different direction with 19400 on lower side and  19597 on higher side. The low for the day was 19415 after which markets recovered and reached the high of 19493.90 

FinNifty 0DTE was pointing towards 19765 on higher side. However there was weakness during the day with lows of 19459 from where it recovered and reached the highs of 19666. Although it did not reach the expected levels, buy on dips could have been helpful here.

Next trading day prediction (Futures). 

Nifty Outlook for 8-Nov-2023 based on Option Chain data as on EOD 7-Nov-2023 for Expiry on 9-Nov-2023

Data is still split on both sides with one parameter pointing towards 19259 and another pointing towards 19610. 

It looks like Market is not able to make its mind on direction to be taken, It does not happen regularly but it does happen sometimes. See point 2 in notes below.

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. 

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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