Nifty closed near month low on the expiry day paving way for the November series to climb from the bottom formed in October. 10249.6, 10138.6 and 10079.30 were the three bottom numbers formed in nifty which could be considered as a positive divergence. A minimum of 300-400 points bounce back can be expected from such level.
Bank Nifty has not broken 24250 bottom formed till the expiry.
Nifty has to close above 10250 and BN above 24925 today to initiate fresh long in the market next week.
If global cues help, we can see nifty moving to 10450 and BN to 25500.
Good Day!
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