Market Outlook for 7th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 6th November 2024 - 06:56 pm

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Nifty Prediction for 7th November

Nifty started the day on a positive note and rallied higher throughout the day. The IT stocks took the leadership and outperformed to pull the Nifty above 24500 mark. 

The markets continued the previous session’s momentum as the Nifty witnessed a pullback move from the August swing low supports. The probable outcome of the U.S. election results led to fresh buying interest in the IT stocks which propelled the market higher. However, the pullback move was much anticipated as the index took support around the previous swing low of 23900-23800 and the RSI readings were oversold at the support.

Now, the index has ended around its first resistance of 24500, but the RSI on the daily chart has given a positive crossover indicating that we may see further upmove in the short term. The 38.2 percent retracement of the entire corrective move from the high is around 24750 which also coincides with the 40 EMA on the daily chart. Hence, we expect the index to test this zone which would be the next hurdle. On the flip side, 24250 will be the immediate support on any pullback.

We continue with our advice for traders to trade with a positive bias and re-access the data around 24700-24750. 

 

Nifty reclaims 24500 as IT stocks lead the index higher

nifty-chart

 

Nifty Bank Prediction for 7th November

The broader markets rallied higher on Wednesday but the banking index traded within a narrow range and ended marginally positive. The higher end of the recent consolidation phase of the index is placed around 52500-52600 which needs to be surpassed for fresh momentum. Traders should trade with a positive bias and look for stock specific opportunities.  

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24360 79700 52170 24100
Support 2 24250 77100 52000 24000
Resistance 1 24630 80800 52480 24260
Resistance 2 24750 81200 52650 24330

 

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