On the daily chart, we are witnessing that prices have closed near the crucial support level of 19,822 / 5,966. Any close below this level would confirm a lower top lower bottom formation as well as a bearish "Head and Shoulder" pattern breakdown on the daily chart. This would indicate weakness and indices may test 19,772- 19,700 / 5,950-5,932 levels in coming trading session. On the upside 20,112 - 20,185 / 6,040- 6,070 may act resistance for the day.
Tomorrow is the first day of new contract, Nifty can show some positive trend tomorrow with major support at 5,950 while the resistance at 6,100 levels. Another fact is that, November 3rd is the day on which India's biggest stock the Coal India IPO refund starts and from the total refund, if 10% comes into the secondary markets it can pull up the markets and take it to a new high in coming days.
Tomorrow is the first day of new contract, Nifty can show some positive trend tomorrow with major support at 5,950 while the resistance at 6,100 levels. Another fact is that, November 3rd is the day on which India's biggest stock the Coal India IPO refund starts and from the total refund, if 10% comes into the secondary markets it can pull up the markets and take it to a new high in coming days.
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