Market Outlook for 14th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 13th November 2024 - 04:09 pm

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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-chart

 

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.

bank nifty chart

 

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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