Tomorrow Market Analysis

Tomorrow Market Analysis 07/11/2024

Nifty-50

 Today, November 6, 2024, the Nifty 50 opened with a slight positive bias, reflecting optimism in global markets. However, the index is facing resistance around the 24520  level, and taking support on the 24290 level. If the market breaks tomorrow's 24240 level then move downside up to the 24040 level.

S1- 24390     R1- 24530

S2 -24333     R2 -24640

S3- 24240    R3 -24700

Bank Nifty

As of November 6, 2024, Bank Nifty displayed mixed trading patterns, marked by early strength but eventual selling pressure. After opening near 52,490, the index experienced fluctuations within a range, reaching a high of 52,450 before falling to a low of 52,233.

S1- 52180     R1- 52480

S2 -52000     R2 -52666

S3- 51777    R3 -52855

In conclusion, as we look towards November 7, 2024, both the Nifty 50 and Bank Nifty indices are positioned at pivotal levels with potential for significant movements. The Nifty 50’s critical support at 24240 will be a key level to watch; a break below this could push the index down to 24040. Meanwhile, resistance around 24530 and further at 24640 may challenge upward momentum.

Bank Nifty shows similar volatility, with support levels at 52180 and 52000 providing a foundation if there’s renewed selling pressure, while resistance near 52480 and 52666 could limit upward gains. Tomorrow’s market could see either a bullish breakout or downward correction, making these support and resistance levels crucial for short-term traders.