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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.