*Pre-Market View 07 November 2022* *(Spot Levels)*
● Buying from lower zones was witnessed in all three US equity market Indices with DOW JONES, S&P500, NASDAQ adding gains of more than 1% each. Even the Asian Markets are trading with a positive bias.
Going forward, Now eyes will be on US mid term polls scheduled in the coming week.
*US Dollar Index* has cooled off from 113.50 to now at 111 which will spur positive sentiments across the Equity Markets.
*Slight caution needs to be exercised on account of US Bond Yield sustaining at higher levels of 4.15% along with Brent crude to sustaining above 97 mark*
● For the day, expect Index to open on a positive note around 18250,
Going forward expect Nifty Index to take support at 18080-18120 & Till this zone holds, upmove towards 18340-18380 zone is expected
● *Breach of Support at 18080 zone* will lead to a retest of 17955-17895 area.
● *On the Derivative Data Front,* on higher side Call Addition was witnessed in 18200, 18300 & 18400 strikes and put addition witnessed at 18100-18000 PE strikes which implies markets can take support at 18080 followed by 17950 and can face resistance at 18320-18350 zone
● *Bank Nifty* is trading in a tight range from past 9 sessions ie 40850-41550 range. A breakout out of this range could lead to sharp one sided move. Here a point to note is banknifty on weekly chart is holding support areas and high probability of breakout is on upside as compared to downside.
● Till 40900-40950 holds, Index can continue its overall uptrend upto 41900-42050.
A shortcovering move could take place once index sustain above 41550
● *A breach below 40900,* Bank Nifty can revisit next support levels of 40550-40350.
● Expected Range for Bank Nifty 40850 to 41950#NIFTYBANK #NIFTY50