Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty and Bank Nifty Prediction for 8 November 2024
On Thursday, the Indian Stock Market fell over 1%, driven by losses in the energy and metal sectors. Nifty declined by 1.16% despite a bullish trend anticipated for November 8. Immediate support for Nifty is at 24,000, while Bank Nifty saw sideways trading, maintaining support at 51,800.
Despite a strong global performance, the Indian Stock Market crashed on Thursday, with benchmark indices slipping more than 1% led by the energy and Metal Sector. While Nifty and Sensex are down by more than 1% each Bank Nifty manages to close the day with a 0.77% loss.
Nifty Prediction for 8 November 2024
Nifty is likely to be bullish today, as it has shown significant strength in the last two days, but despite the Trump win and a rally in the US market, Nifty slipped 1.16% or 284 points today.
Despite opening slightly higher, it continued to fall from the very start and continue to fall till it find the support at 24,200 level and literally stabled at the support zone without any spike or much movement which indicates strong selling pressure in Nifty on the weekly expiry day.
While Nifty formed a Descending Triangle Pattern on the hourly chart with support at the 24,200 level, it is likely that, Nifty will fall tomorrow, but only if the market breaks the support level and sustains below it – only then we could look for Nifty to fall to 24,000 level.
Otherwise, if it rises higher in the opening session, then we can look for higher targets and Nifty will likely bounce back, with resistance at 24,400 and 24,500 levels.
On the lower levels, Nifty has immediate support at the 24,000 level followed by 23,800 and 23,500 levels, while on the higher side, the resistance is at the 24,400 level followed by 24,500 and 24,650 levels.
Nifty Support and Resistance level for 8 November 2024
| Nifty support levels | Nifty Resistance Levels |
|---|---|
| 24,000 | 24,400 |
| 23,800 | 24,500 |
| 23,500 | 24,650 |
Bank Nifty Prediction for 8 November 2024
Bank Nifty also witnessed some selling pressure following Nifty but it somehow managed to take support from its 50DEMA and traded sideways for the rest of the day.
Bank Nifty has immediate support at the 51,800 level followed by 51,500, 51,200, and 541,000 levels, while it has immediate resistance at the 52,000 level followed by 52,500 and 53,000 levels.
Bank Nifty Support and Resistance Level for 8 November 2024
| Bank Nifty support levels | Bank Nifty Resistance Levels |
|---|---|
| 51,800 | 52,000 |
| 51,200 | 52,400 – 52,500 |
| 51,000 | 53,000 |
