Market on 2 nov 2021 started on a positive note amid mixed global cues. The focus will remain on the Reserve Bank of Australia’s (RBA) meeting today, with Federal Reserve and Bank of England due to hold their policy decisions later in the week. Sentiments will get a boost as provisional data released by the government showed that India’s merchandise exports in October rose 42.33 percent to USD 35.47 billion. Some support will also come as Goods and Services Tax (GST) collection remained above Rs. 1 lakh crore for the fourth month in a row indicating the impact of festive buying. Traders may take note of SBI Research report stating that the digitization drive and pandemic-induced emergence led to a faster formalization of the economy. There may be some cautiousness with the Centre for Monitoring of Indian Economy (CMIE) data showed rise in unemployment rate in October. We suggests that 18100 may act as resistance point for short period and 17800 an important support level in the market. we can expect the market to trade in the range of 17700-18100. Technical indicators also support positivity in the market.
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