Market Outlook for 5th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 4th November 2024 - 04:40 pm

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Nifty Prediction for 5th November

Nifty started the day above 24300 mark but witnessed selling pressure right from the opening ticks and it corrected sharply to almost test the 23800 mark. The index then recovered some of the losses towards the end, but still ended just below 24000 with a loss of about 300 points.

Our markets continued its corrective phase as selling pressure was seen across, with no respite this time in the large cap stocks too. Nifty has ended around the previous swing low of August 2024 where the index formed a support around 23900 mark. The RSI readings are in oversold zone, but yet to give a positive crossover and hence, it is advisable to wait for a confirmation before pre-empting any pullback move.

It is often seen that in a strong trended phase, the index continues its correction in the oversold zone as well and Nifty seems to be going through one such phase currently. Also, FIIs have significant short positions in the index futures with no signs of covering yet. Hence, we continue with our cautious approach on the market and advise traders to wait for a positive crossover in the RSI and change in data.

The immediate support for Nifty is placed in the range of 23900-23800 followed by the 200-SMA around 23500-23400. On the higher side, 24250 and 24500 are the immediate hurdles on pullback moves.

 

Nifty breaks 24000 mark as selling continues across market

nifty-chart

 

Nifty Bank Prediction for 5th November

Along with the broader markets,the banking index too corrected by about a percent on Monday. This index has seen a consolidation in last couple of weeks and hence the near term trend remains sideways. Hence, one should trade with a stock specific approach within the banking names from a trading perspective.       

bank nifty chart

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23770 78100 50930 23510
Support 2 23550 77450 50650 23360
Resistance 1 24270 77590 51640 23900
Resistance 2 24540 80390 52050 24150

 

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