Checkout these powerful stocks with strong technical setup for November 2

Nifty 50 extended its rally from yesterday, closing over the 18,100 level. This was supported by strong global trends. In this post, we have identified powerful stocks for November 2 that are having a strong technical setup.

Nifty 50 continues its rally from yesterday, opening today's session at 18,130.7, compared to its previous close of 18,012.2. Furthermore, Nifty 50 moved above 18,100 for most of the day before closing at 18,145.4. This can be attributed to strong global trends. On Monday, leading Wall Street indices ended in red, although the month concluded with substantial gains.

This was due to expectations that the US Federal Reserve will moderate its aggressive approach to interest rate hikes. All eyes will be on the central bank's policy meetings scheduled Today. Nasdaq Composite dropped 1.03 per cent, Dow Jones fell 0.39 per cent, and S&P 500 declined 0.75 per cent. However, in October 2022, Nasdaq Composite, S&P 500, and Dow Jones surged 3.9 per cent, 8 per cent, and 13.95 per cent, respectively.

Nifty 50 concluded the day at 18,145.4, up 133.2 points or 0.74 per cent. Broader markets performed mixed compared with frontline indices, where Mid-Caps outperformed Large-Caps and Small-Caps. Nifty Mid-Cap 100 index gained 0.87%, while the Nifty Small-Cap 100 index climbed 0.22 per cent.

According to October 31 statistics, FIIs were net buyers, whereas DIIs were net sellers. Foreign Institutional Investors (FII) invested Rs 4,178.61 crore in shares. Domestic Institutional Investors (DII) sold shares worth Rs 1,107.1 crore. FIIs were net sellers in October 2022, and DIIs were net buyers. FIIs sold Rs 489.06 crore of shares, while DIIs purchased Rs 9,276.97 crore in shares.

The following is a list of powerful stocks that have a strong technical setup.