Market Outlook for 6th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 5th November 2024 - 04:25 pm

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Nifty Prediction for 6th November

Nifty traded within a narrow range with a negative bias till noon on Tuesday, but a sharp upmove was seen in the later part of the session and the indices rallied sharply higher. Nifty ended the day above 24200 posting gains of almost a percent.

In last couple of sessions, our market was hovering near the swing low support of 23900 last seen in the month of August. The RSI readings were oversold near the support and this led to a pullback move in the market. The readings on the lower time frame chart also showed a positive divergence and all these setups are near term positive for the index.

Hence, we expect further pull back which could lead the Nifty towards its resistance zone of 24400-24500. On the flipside, 23900-23800 is seen as the immediate support for the index. Hence, traders are advised to look for stock specific buying opportunities as stocks which are oversold and trading around the supports could see some buying interest in the near term.

 

Nifty recovers from August low support

nifty-chart

 

Nifty Bank Prediction for 6th November

The banking stocks took the leadership and outperformed in yesterday’s session and thus, the Nifty Bank index ended the day above 52000 mark with gains of over 900 points. The index has traded within a range in last couple of weeks but has shown a relative outperformance in the phase where most other sectors have seen a price wise correction.

This relative strength could lead to an outperformance in the banking stocks in case of any rally in or a pullback move in the broader markets. Hence, traders can look for stock specific buying opportunities in this sector. A move above 52600 in the index is required for a breakout from this consolidation.     

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23960 78680 51780 23900
Support 2 23700 77870 51300 23650
Resistance 1 24350 79900 52700 24400
Resistance 2 24480 80300 53200 24650

 

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