Finnifty monthly expiry analysis for 31/10/23.

Mambotrade Updated   
NSE:CNXFINANCE   Nifty Financial Services Index
A bullish engulfing daily candle is showing some positivity in the market. Finnifty has closed above the 20 ema and 110 point higher.

It is about to test 38.2% fibonacci level around 19300 level after the fall of last week.

Global markets at this time are trading in green. Look for close of global market in the morning as indian market will act accordingly.

On the hourly charts, there was a bearishness in the morning and after that it recover giving 300 point move from the day low.

Support :- 19200, 19000
Resistance :-19290, 19420

Tomorrow is the monthly expiry of the index and there are high chances of a good moment in the index. Watch option premiums and trade according to the setup.

Wait for the price action near the levels before entering the market.
First target on the bearish side is done.

Now the market is around the support zone and if it starts trading below the day low a 100 point rally can also be capture in the second after of the session.

12:15 hourly candle will be the crucial one.


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