In today’s stock market, Sensex dropped by 836 points, with the Nifty at 24,200, as investors focus on the upcoming FOMC decision.
Stock Market Nifty Chart Prediction.
On November 07, Sensex was down 836.34 points at 79,541.79, and the Nifty fell 284.70 points to 24,199.30. Of the shares traded, 1,733 advanced, 2,057 declined, and 93 remained unchanged.
Top Nifty gainers: Apollo Hospitals, HDFC Life, SBI, TCS and L&T.
Top Nifty Losers: Hindalco Industries, Trent, Shriram Finance, Tech Mahindra and Grasim Industries
All sectoral indices closed lower, with auto, metal, power, telecom, pharma, and realty sectors seeing declines of 1-2%.
BSE Midcap and smallcap indices shed 0.5 percent each.
Stock Prediction for 08th Nov 2024.
| STOCK | Good Above | Weak Below |
| CHAMBLFERT | 523 | 517 |
| ATUL | 8055 | 8010 |
| PAGEIND | 45156 | 45050 |
| PIIND | 4692 | 4658 |
Prediction for Friday NIFTY can go up if it goes above 24,400 or down after the level of 24,150, but it all depends upon the Global cues.
On the daily chart, the index has formed a bearish engulfing pattern, but it seems to be developing the right shoulder of an Inverted Head & Shoulders formation, with the neckline positioned at 24,500. Indian markets started the weekly expiry trade on a weak note, experiencing a sharp drop at the open, followed by a range-bound movement. Resistance is expected between 24,400 and 24,800, while support is seen around 24,150 to 24,000.
| Highest Call Writing at | 24,400 (3.0 Crore) |
| Highest Put Writing at | 24,150 (75.7 Lakhs) |
Nifty Support and Resistance
| Support | 24,150 to 24,000 |
| Resistance | 24,400 and 24,800 |
Bank Nifty Daily Chart Prediction.
Prediction For Friday, Bank NIFTY can go up if it goes above 52,600 or down after the level of 51,460, but it all depends upon the Global cues.
Bank Nifty started strong but ended the day forming a red candle, closing at 51,890. Resistance is seen between 52,600 and 53,000, while support is expected around 51,460 to 52,000.
| Highest Call Writing at | 52,600 (21.1 Lakh) |
| Highest Put Writing at | 51,460 (14.9 Lakh) |
Bank Nifty Support and Resistance
| Support | 51,460 to 52,000 |
| Resistance | 52,600 and 53,000 |
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