Market Outlook for 21st November 2024
Market Outlook for 14th November 2024
Last Updated: 13th November 2024 - 04:09 pm
Nifty Prediction for 14th November
The Nifty index extended its correction for the second consecutive day, dropping over 1% during Wednesday's session and closing lower.
On the daily chart, it has broken through a key support level around the 23,800 mark and remained below the 50% retracement level. It also tested the 200-day Simple Moving Average support near 23,500, which could act as a potential reversal point.
A breakdown below this level might indicate further weakness, with the next support projected around the 61.8% Fibonacci retracement level at 23,200–23,150. Resistance levels have now shifted to the 23,800 and 24,000 range with any significant reversal likely only above these levels. Traders are advised to proceed cautiously and concentrate on specific stocks for better opportunities.
Nifty drops over 1%, break key support at 23800
Nifty Bank Prediction for 14th November
The Bank Nifty index dropped over 1,000 points in Wednesday's session, closing near the psychological mark of 50,000.
On the daily chart, this movement reflects a strong bearish trend, as the index has breached key support levels, hinting at potential continued weakness in the near term. The Relative Strength Index, a momentum indicator, has shown a negative crossover on the daily frame, further signaling downside momentum. A breakdown below the 50,000 level could intensify the correction, potentially driving the index down toward the 49,300–49,000 range.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 23430 | 77340 | 49700 | 23060 |
Support 2 | 23300 | 77050 | 49300 | 23000 |
Resistance 1 | 23750 | 78100 | 50470 | 23220 |
Resistance 2 | 24000 | 78370 | 50800 | 23300 |
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