Market Outlook for 5th November 2024
Market Outlook for 4th November
Last Updated: 4th November 2024 - 10:29 am
Nifty Prediction for 4th November
In last week, Nifty consolidated in a narrow range where stock specific action was seen. The index witnessed some pullback move in the Muhurat trading session and ended the week just above 24300.
The October month gone by witnessed a price wise corrective phase in the index as well as the broader markets, which was mainly led by the FIIs selling in the cash segment and in the index futures as well. FIIs have rolled their short positions to the November series and their ‘Long Short Ratio’ at the start of the new series is just around 22 percent. The RSI readings are in the oversold zone, and the FIIs positions are also short-heavy. Hence, a pullback move cannot be ruled out in the coming week. However, given the recent underperformance, we need to see some confirmation in terms of FIIs reducing the shorts or the index surpassing the immediate hurdle of 24500-24550 for a confirmation of a price wise pullback. Until then, one can avoid aggressive trades and trade cautiously. On the flipside, the immediate support is placed around 23900.
FIIs rollover short positions to November series
Nifty Bank Prediction for 4th November
The Nifty Bank index showed a relative outperformance in last one week compared to the Nifty index. The daily chart indicates a consolidation for the index with support placed around the 51000 mark. On the higher side, resistance is around 52300-52500 which needs to be surpassed for a resumption of uptrend. Traders should trade with a stock specific approach within this space.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 24150 | 79100 | 51480 | 23800 |
Support 2 | 24050 | 78800 | 51280 | 23730 |
Resistance 1 | 24450 | 80339 | 51850 | 24090 |
Resistance 2 | 24530 | 80600 | 52020 | 24160 |
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