NIFTY 50 and BANKNIFTY Predtiction: 06 November 2024

Nifty forming a bullish piercing cancel which indicates a small upmove and it's also creating a head and shoulder pattern where the right head is getting created. Banknifty forms a bullish engulfing candle which also shows bullish moves. If in Nifty and Banknifty today's high get break it will show an upward move. But still, 24500 and 52500 are the big resistance for Nifty and BankNifty respectively.

Option Chain: The OI data of the Nifty option chain shows heavy call writing at 24300 and 24500 levels even after today's call unwinding and support at 24000. Banknifty does not have that much resistance, but there is some resistance at 52500 and 53000, and some support at 51500.

PCR: Nifty 50 overall PCR and near ATM is 0.7 which is neutral. Banknifty overall PCR is 1.05 and around ATM is 0.63.

OI Data: FII is natural. Pro short 2L call and 3L puts shorts. Client shorts 4L calls and 6.5L puts.

Future Data: Still FII sold 2550 Cr in today's market.

Trade: In the morning hours, the market will go up and then it will go down. Tomorrow market may will try to reach mid of today candle to hit the SL of week trader and give the chance to enter to the new trader.