NIFTY & BANKNIFTY PREDICTION FOR 2 NOV 2017

The BANKNIFTY moved according to the magical stick hidden in our words in our weekly report and gave a breakout above the mentioned level 25500

"RELIANCE 990 CALL GIVEN ON 30 OCT POST ACHIEVED 1^ST TGT MADE A HIGH OF 16.40"

It seems that markets are enjoying their merry days and are in no hurry to provide a much awaited correction. The Nifty created history yet again on Wednesday after opening at 10402 nifty future surpassed its previous record high of 10404 and hit a fresh all-time high of 10489. Nifty future ended the session on a strong note, closing above 10450 first time ever i.e. 10473. The rally was led by strong moves on banks, PSUs and private, along with metals, FMCG, and infrastructure stocks. The Nifty PSU bank index was up over 3 percent.

Going into trade on Thursday, we can expect a modestly positive start to trade. However, minor signs of distribution are appearing, which we need to look at with caution.  The 10520 and 10555 levels will play out as immediate resistance area for the markets. Supports will come in lower at 10400 and 10345 levels. 

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Resistance: 10500, 10530, 10555

Support: 10400, 10375, 10350