Nifty and Bank Nifty Prediction for 6 November 2024.

As expected, the Indian Market rose after continuous selling despite the market being in the oversold zone led by the Banking, Metal, Commodities, and Auto sectors.

Both the Index opened lower but started rising as the market opened but facing resistance from the 5DEMA on the hourly chart, but in the last 2 hours of the trading session, Banking stocks rose sharply led both the Nifty and Bank Nifty break their resistance, ending the day in green.

Nifty Prediction for 6 November 2024

Nifty opened lower and continued to trade in the red territory after rejection from the 24,043 but later in the day, the banking stock blasts led the Nifty to break both its near-term resistance of 24,000 and 24,2000 and closed the day a bit above the 24,200 level with a gain of 27.95 points or 0.91 percent.

On the daily chart, Nifty formed an Inside bar which is a reversal candlestick if it forms at the lower levels and likely as I said earlier “if the next day candle in Nifty doesn’t close lower from the previous Bearish Belt Hold Pattern” there is a high chances of Reversal” and that what exactly happened today, and Nifty is likely to rise in the coming days.

Despite Nifty having a higher Call writers at the 24,200 level, it manages to close above the 24,200 level showing that the Bulls are in control and the market is likely to continue Rising.

The nearby resistance for Nifty is at the 24,400 level and if Nifty breaks that level tomorrow, then it is likely to rally above the 24,500 which is a key resistance level for Nifty, and in the lower side, Nifty has the nearest support at the 24,000 level and till the support is intact – you can look for Buy Options.

Nifty Support and Resistance level for 6 November 2024

Bank Nifty Prediction for 6 November 2024

Bank Nifty blasts today led by the Index Heavyweights HDFC, ICICI, SBI, and Axis Bank where they rise more than 2% each except ICICI led the Index to close above the 52,200 level, which is a 1.94% rise or 992 points gain in a single trading session.

The Index is already taking support at its 100DEMA, and despite opening lower than the 100DEMA it rallies nearly 1000 points – breaking the key resistance levels at 51,500 and 52,000 and faces resistance at the marked resistance zone at 52,300.

Currently, the Index is trading in a range hitting its upper level continuously – indicating a Bullish rally ahead.

Also, the Bank Nifty formed a Bullish engulfing Candlestick at the Daily Chart, (covering a Bearish Belt Hold Pattern) indicating a strong Buyer comeback and a Bull Run in the market ahead.

Bank Nifty has the nearest resistance at the 52,300 level which is the upper band of the Range, and likely it will break this level tomorrow on the weekly expiry day followed by the 52,500 level which is a major resistance level with 10 times Call OI compared to Put OI – and one can go long in Bank Nifty after the Index sustains above the 52,500 level.

On the flip side, the nearby support is at the 52,000 level followed by 50 and 100DEMA which are at the 51,500 and 51,180 levels, and till the 51,500 support level is intact the market remains bullish and you can look for Buying Opportunities.

Bank Nifty Support and Resistance Level for 6 November 2024