Nifty Outlook for November 2: Can the 23,200 hurdle give way to a rally towards 23,500 this week?

Sudeep Shah, of SBI Securities, said the 22,800-22,850 zone would be a crucial support area for the index. A decisive break below 22,800 could intensify selling pressure and drag the Nifty towards 22,650 in the near term.