Banknifty Trading Plan for 06 Nov 2024

BANKNIFTY Spot View: 06/11/2024
CMP: 52207.25
Moving AVG (EMA) 20 Hour & 40 Hour: 51501 & 51496
Moving AVG (EMA) 20 Day & 40 Day: 51685 & 51724
Support & Downside Range: 51750—51580--51350
Resistance & Upside Range: 52580--53020
Short Term Trend Reversal Level: -- 50870

Trading View Summary:
•  For today's intraday trading session key level to watch 51750—51350 support zone.
•  As long as BANKNIFTY holding this support zone on 1hr sustain basis its trend remains bullish for upside minimum 52580 to maximum 53020 as next upside projection.
•  Whereas after opening if 51350 gets break on 1hr sustain basis then trend turns sideways for remaining hours of the day.

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Nifty Pre Market Analysis

NIFTY Spot View: 06/11/2024
CMP: 24213.30
Moving AVG (EMA) 20 Hour & 40 Hour: 24083 & 24170
Moving AVG (EMA) 20 Day & 40 Day: 24554 & 24752
Support & Downside Range: 24080—23975 Zone, 23848—23816 Zone, 23500--23350
Resistance & Upside Range: 24400—24500 Zone, 24760--25050
Short Term Trend Reversal Level: -- 23816

Trading View Summary:
•  Ahead of one of the big global event our market gave strong recovery in yesterday's session from extreme oversold breath.
•  So far can say that market has completed it's simple correction in form of ABC which started from ATH of 26277 and simple correction completed at 23816.
•  Now upside 24400---24500 is immediate big resistance to watch. If NIFTY manage to move above this rest zone then we may see strong short covering move which may lead NIFTY towards minimum 24750 to maximum 25050 spot levels.
•  Whereas downside 24080—23975 is big intraday mom dad support to watch if this gets break on 1hr sustain basis then trend turns sideways and market might go clueless for remaining hours of the day.

Stay Cautious Amid High Volatility as Markets React to U.S. Election Results

With Donald Trump expected to be sworn in as the 47th President, emotions are running high, and market volatility is likely to follow suit. Today may not be the best day for large positions—better to let things settle over the next 24 hours and make informed trades based on price action and emerging news flow.

While we’re seeing plenty of articles and social media buzz around potential policies from the new administration, it’s essential to remember that these will take weeks to materialize. The official swearing-in happens at the end of January, giving markets time to digest actual policy moves rather than speculation.

Trade with caution and stay focused on the long-term trends over the immediate noise.

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Coffee Day Enterprises Latest News

Coffee day enterprises: co says as an additional surveillance (asm) measures the stock exchanges have suspended the trading of the securities of co as it has met the criteria under asm for companies as per insolvency and bankruptcy code (ibc) w.E.F nov 5, 2024

Coffee day enterprises: co says securities will be traded only once a week (every monday or the 1st trading day of the week) until further review by stock exchanges post elapsing of minimum 1 month in ibc stage I

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What can be done if PPF Matures?

1) CLOSE THE ACCOUNT & WITHDRAW THE MONEY

Once the initial block of 15 years is complete, you can close the account and receive the full amount, that too tax-free. If you wish to invest again in PPF, you must open a new account.

2) EXTEND WITHOUT ANY CONTRIBUTION

In this case, your account’s maturity extends by 5 years & you continue to earn interest without making any fresh contributions.

What if you need some money during these five years?

You can withdraw any amount during this period. And the balance amount will continue to earn interest. But there’s a catch. You can make only one such withdrawal per financial year. Let’s understand this with an example.

Say, at maturity, your PPF account has Rs 1 crore. You extend it for five more years. After two years, the balance is nearly Rs 1.15 crore (assuming 7.1% interest). You can withdraw any amount lower than this sum once a year. So, you have complete flexibility.

3) EXTEND FOR 5 YEARS (WITH CONTRIBUTION)

This one is a bit complicated.

You must submit an application called ‘Form H’ to either the Post Office or the bank where you have the PPF account. You must submit the application within one year after the account matures.

For example, say the account matured on 1st April 2022. You must exercise this option by 31st March 2023. Otherwise, the second option will be activated by default. Once you submit the form, the PPF account will further extend for a block of 5 years.

What will happen if you don’t opt for this option but continue contributing as usual?

The bank will treat it as ‘irregular’ and refund the money immediately. So, you don’t earn interest and won’t get Sec 80C tax benefits either.

What about making withdrawals during this five-year period?

You can withdraw a maximum of 60% of the account balance prevailing at the start of the five-year extension period.

Let’s say your PPF has Rs 20 lakh on maturity. You extend it with contributions. You can withdraw a maximum of Rs 12 lakh (i.e., 60% of Rs 20 lakh).

You can withdraw this Rs 12 lakh in one go or in parts. But only one withdrawal is allowed in each financial year.

Which option is the best?

It depends on your needs. Generally speaking, it's best to extend if you do not have the entire PPF account balance requirement in one go. With or without contributions is a call that you need to take based on your cash flow.

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Zomato Share Price - Buy or Sell Analysis

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