* Pre-Market View 11 November 2022* *(Spot Levels)*
● *On the back of easing US CPI to 7.7%, buying spree was witnessed across major sectors in US equity markets* with most of them gaining between 2-7%. Major indices Dow Jones gained 3.7%, while S&P 500 registered 5.54% gains with Nasdaq gaining 7.35% which has been the best day in past two years.
*US Dollar Index* has seen a crackdown from higher zones and is now at 108.2 levels along with Brent crude now cooling off to $93.5 from $98 levels which is extremely positive in short to medium term from a Equity Markets perspective.
● For the day, post a strong gap up, expect Index to take support at 18250-18270 zone and till it holds, expect market to continue upmove towards 18500-18530.
● Above 18530, the rally could extend upto 18700-18750 zone.
● Breach of Support at 18250 zone will lead to a retest of 18150-18120 area.
● *On the Derivative Data Front,* on higher side Call Addition was witnessed in 18300 & 18400 strikes and put addition witnessed at 18000-18100 PE strikes. Looking at strong market opening, shortcovering in 18300-18400 Calls is expected and this may lead to a further upmove upto 18500 zone and the overall base could shift on the upside.
● *Bank Nifty* has already registered a New all time high on back of strong positive global sentiments and has been continuous trading above the breakout zone above 41550-41600 area.
● *Now post gap up support for Banknifty at 41700-41750 zone and as long as these support levels holds, Banknifty could make an upmove towards uncharted territory ie towards 42700-42900*
● *A breach below 41650,* Bank Nifty can retest support levels of 41150-41050.