Market Outlook for 8th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 7th November 2024 - 05:10 pm

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Nifty Prediction for 8th November

Nifty reversed its previous day’s gains and traded with a negative bias throughout the day. The index ended below 24200 with a loss of over half a percent.

Post a relief rally of just a couple of sessions, the markets again witnessed a sell-off and almost all the sectoral indices ended in the red on Thursday. Nifty resisted around the 24500 mark in this pullback move which is the hurdle seen since last couple of weeks. However, the RSI readings on the daily chart have given a positive crossover in the oversold zone.

Hence, the ongoing weeks high and low registered so far become important levels on both sides. Accordingly, 23900-23800 is the important support zone while 24500-24550 is the important resistance. A breakout from the range on either side will lead to the next directional move. Until then, traders should trade with a stock specific approach with limited exposure and keep a proper exit strategy.  

 

Nifty ends below 24200 as broad market sell-off seen again

nifty-chart

 

Nifty Bank Prediction for 8th November

The Nifty Bank index too corrected on Wednesday and ended the day below the 52000 mark. As mentioned in our earlier reports, this index has been consolidating in a range since last one month where 52500-52600 has been acting as a resistance zone. A breakout above this will then lead to a resumption of the uptrend, but until that is seen the consolidation continues.  

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24090 79100 51650 23830
Support 2 23970 78700 51390 23690
Resistance 1 24380 80260 52280 24150
Resistance 2 24540 80800 52640 24330

 

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