Market Outlook for 21st November 2024
Market Outlook for 11th November 2024
Last Updated: 8th November 2024 - 05:27 pm
Nifty Prediction for 11th November
The Nifty index closed the last trading day of the week with a negative bias, settled at the 24,148 mark with a 51-point loss.
Throughout the week, Nifty displayed mixed momentum: after a pullback near the support level of 23,800, it encountered resistance around 24,500 and reversed to 24,150. Although the RSI shows a positive crossover on the daily scale, other indicators like the 100- and 50-day SMAs suggest a sideways to bearish trend. As a result, we expect the Nifty 50 to remain range-bound unless it breaks the 24,500 resistance level. Traders are advised to focus on stock-specific actions with a well-planned strategy.
Nifty struggles amid weak global sentiments, and corporate earnings
Nifty Bank Prediction for 11th November
Bank Nifty continued its correction for the third consecutive day, slipping nearly 1,000 points from the weekly high of 52,493. Despite this decline, prices are still holding above the 100-day SMA, supported by a positive RSI crossover. On the upside, Bank Nifty faces resistance around the 52,500 level, while on the downside, it has major support near 50,270.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 24050 | 79133 | 51350 | 23740 |
Support 2 | 23953 | 78840 | 51140 | 23630 |
Resistance 1 | 24260 | 79823 | 51880 | 23950 |
Resistance 2 | 24375 | 80160 | 52200 | 24070 |
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