Nifty directions and levels for November 4th.
Good morning, friends! 🌞 Here are the market directions and levels for November 4th.
Market Overview:
In the short term, both global and local markets are showing moderately bearish sentiment. However, today the Nifty is indicating a neutral start.
In the previous session, both Nifty and Bank Nifty closed with slight positive gains due to the Muhurat trading. However, the overall structure suggests that there is a clear range-bound market. Therefore, the market may continue to trade within this range today. We can analyze this further by looking at the charts.
Nifty Bullish View:
From a bullish perspective, if the market experiences a pullback initially, we can expect a continuation of that pullback, reaching a minimum of 78% of the previous high. This is a usual target for range-bound markets. Additionally, if the market consolidates around the 78% level, the breakout continuation could be significant.
Nifty Bearish View:
The bearish view suggests that if the market declines initially, it could reach a minimum of the minor demand zone or the Fibonacci level of 23% if it breaks below 24,214.
Market Overview:
In the short term, both global and local markets are showing moderately bearish sentiment. However, today the Nifty is indicating a neutral start.
In the previous session, both Nifty and Bank Nifty closed with slight positive gains due to the Muhurat trading. However, the overall structure suggests that there is a clear range-bound market. Therefore, the market may continue to trade within this range today. We can analyze this further by looking at the charts.
Nifty Bullish View:
From a bullish perspective, if the market experiences a pullback initially, we can expect a continuation of that pullback, reaching a minimum of 78% of the previous high. This is a usual target for range-bound markets. Additionally, if the market consolidates around the 78% level, the breakout continuation could be significant.
Nifty Bearish View:
The bearish view suggests that if the market declines initially, it could reach a minimum of the minor demand zone or the Fibonacci level of 23% if it breaks below 24,214.
Penafian
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