Market Outlook for 12th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 11th November 2024 - 06:20 pm

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Nifty Prediction for 12th November

Nifty witnessed some positive momentum in the first couple of hours on Monday. However, the index gave up the gains and the market breadth turned negative, while the index ended on a flat note.

The index has been consolidating a within range since last few sessions and has not been able to surpass the hurdle of 24500. Until the index breaks this hurdle, the near term trend remains sideways to negative. FIIs continue with their net short positions with no short covering signs yet. A move above the hurdle of 24500 will lead to a positive momentum for the near term and till then, it is advisable to be stock specific and avoid aggressive trades. On the lower side, 23900-23800 is the immediate support zone. 

 

Index continues to trade in a range with stock specific action

nifty-chart

 

Nifty Bank Prediction for 12th November

The Nifty Bank index showed a relative outperformance on Monday, but it yet to surpass the hurdle of 52500-52600 which has been a hurdle. On the flipside, 51200-51000 is the immediate support for the index. Traders are advised to trade with a positive bias once the index surpasses the above mentioned resistance.

bank nifty chart

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23980 78960 51380 23740
Support 2 23830 78430 50900 23530
Resistance 1 24320 80060 52270 24160
Resistance 2 24500 80600 52660 24360

 

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