Market Outlook November 2022: Short-Term Trends and Key Updates for November 2022
The CPI data on Thursday may drive the stock market downward. The stock market may show recovery signs on Friday. On Monday, trend is positive. A drop may be witnessed in the middle of next week. Took a short position in S&P500 at 3830 and NASDAQ at 11100. A new low is possible in NASDAQ. Update: Covered short position of S&P500 at 3757, Nifty at 18050 & Bank Nifty at 41500. Not holding any position in Nifty and Bank Nifty at the moment.
Dollar index may continue its uptrend until 11th November 2022. From there, a reversal is possible. The bottom is indicated next week.
It was advised to short crude oil at a higher level with a closing basis S/L 93.50. Covered this short position at 85.50. Made long in crude at 85. Also, took a short position in NG at 6.20 – covered at 5.82.
Market Outlook November 2022 : We were in a bearish trend for the stock market from Tuesday. It was expected that the downtrend may continue till Thursday. On Thursday, S&P500 made a low of 3747 and Nifty made a low of 18025. Thursday’s lower closing was incorrect. S&P500 made a high of 3967. Major resistance lies at 4000-4050. Three major planetary changes are due over the weekend. There is a square of Saturn-Sun today. The stock market is in an overbought zone and may be headed lower until 15th November’s closing or 16th November 2022’s opening. From there, a reversal shall happen. Dollar Index may see a reversal from today’s session and the top may be made by 16th November 2022. The positional view on Gold, Silver, and Copper is bullish. A small correction is possible in metals but dips can be bought.
Indian market will see a top in today’s session and will be headed lower until 16th November 2022.
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