Pre-Market View 09 November 2022* *(Spot Levels)*
● US equity market Indices ended the session with DOW JONES gaining by 1% while S&P500, NASDAQ up 0.5% each.
*US Dollar Index* has seen a slide from 113.50 to now at 109.60 along with Brent crude now down to $95.3 from $98 levels which will spur strong positive sentiments across the Equity Markets.
● For the day, expect Index to open on a positive note around 18350 & Going forward expect Nifty Index to take support at 18230-18250 & Till this zone holds, upmove towards 18490-18530 zone could be expected.
● *Breach of Support at 18250 zone* will lead to a retest of 18170-18130 area.
● *On the Derivative Data Front,* on higher side Call Addition was witnessed in 18300 & 18500 strikes and put addition witnessed at 18200-18100 PE strikes which implies markets can take support at 18220 followed by 18150 and can face resistance at 18490-18530 zone.
● On Monday *Bank Nifty* successfully gave a breakout from its consolidation range of 40850-41550 levels, and closed at 41686.
A decisive breakout after a thorough consolidation could lead to shortcovering rally.
● Now support for Banknifty at 41400-41450 zones and as long as these levels holds, Banknifty first could test previous life high zones ie 41900-41950 and than can make an upmove towards uncharted territory ie a new all time high could be witnessed in banking index closer to 42300.
● *A breach below 41450,* Bank Nifty can retest support levels of 41050-40950.
● Expected Range for Bank Nifty 41050 to 42350
*Nifty Close* – 18203
*20 DMA* – 17626
*50 DMA* – 17549
*100 DMA* – 17042
*200 DMA* – 16994
*Bank Nifty Close* – 41687
*20 DMA* – 40453
*50 DMA* – 39966
*100 DMA* – 37926
*200 DMA* – 37052