The Nifty 50 and Sensex reversed previous losses to end the week on a positive note. The Nifty 50 surged 2.59% while the Sensex advanced 1.6%. Siddhartha Khemka said, “Indian equities are expected to remain range-bound with bouts of volatility next week.” Markets now watch global tensions and US elections.

Stock market prediction Nov 2-6 week: The Nifty 50 and Sensex reversed their previous week's losses, ending the week on a positive note. Gains in the pharmaceuticals and IT stocks lifted market sentiment ahead of Diwali. The Nifty 50 surged 2.59% during the week, the BSE Sensex advanced 1.6%.

As we head for the first week of November, experts decode stock market outlook for the coming week, between November 2-6.

Stock market outlook for next week

The Indian stock market next week is likely to showcase range-bound movement in the coming week as crude oil prices volatility, US mid-term elections, and US-Iran tensions are likely to drive sentiments.

“Indian equities are expected to remain range-bound with bouts of volatility next week, ahead of the US midterm elections on Tuesday and amid uncertainty over a potential escalation of geopolitical tensions between US and Iran, which is likely to keep market sentiment cautious,” explained Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty 50 outlook

The Nifty 50 formed a high wave candle, as it continued to reach higher high and a higher low.

“Index sustaining above Friday’s low of 22,905 will signal extension of the current pullback towards 23,150-23,200 levels. While a breach below 22,900 will signal some consolidation in the range of 22,900-22,600,” explained Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

“The immediate short-term bias remains corrective below the 23,175–23,250 resistance zone, marked by the confluence of last month’s high and the 50-day EMA, a sustained breakout above this zone would signal a pause in the downtrend,” the expert added.

Nifty 50 performance recap

Nifty 50 closed 0.51% higher at 23,053.10 points on Friday. Whereas, BSE Sensex ended last trading session with 0.42% gain at 74,459.53 points. Trent, IndiGo, Infosys, Apollo Hospital, Power Grid, NTPC were among the top gainers on Friday. Whereas, Shriram Finance, Nestle India, M&M, Jio Financial Services, Adani Ports, Tata Steel, were among the top laggards.