Market Outlook for 21st November 2024
Market Outlook for 18th November 2024
Last Updated: 14th November 2024 - 05:26 pm
Nifty Prediction for 18th November
After a flat opening, the benchmark indices traded in a zigzag move and closed in the red at 23,532.70, marking a loss of 26 points on Thursday.
On the daily timeframe, the Nifty index has dropped over 10% from its September highs, approaching its lowest levels in the past five months. Recently, the index has been hovering near the 200-day Exponential Moving Average (EMA), which acts as an immediate support zone.
The Relative Strength Index (RSI) has entered oversold territory, accompanied by a negative crossover, suggesting the potential for a short-term rebound. However, such a bounce is expected to be unsustainable due to unfavorable fundamental factors. On the downside, Nifty has support at the 23,200 and 23,000 levels, while resistance is seen around the 23,800 and 24,000 levels.
Nifty dips further, approaching crucial support amid continued market weakness
Nifty Bank Prediction for 18th November
The Bank Nifty index experienced a strong momentum, surging 500 points after the opening candle on Thursday.
However, it struggled to sustain the gains and eventually settled at 50,179.55, marking a modest gain of 91.20 points for the day.
Private Banks and Insurance stocks played a key role in supporting the index, helping it stay in the positive territory. Despite the day's gains, the Bank Nifty is currently holding a crucial support level around 50,000. If this support is breached, it could trigger a more pronounced correction in the index, signaling potential downside risks in the near term.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 23400 | 77300 | 49800 | 23130 |
Support 2 | 23270 | 77050 | 49300 | 23060 |
Resistance 1 | 23700 | 77870 | 50550 | 23280 |
Resistance 2 | 24000 | 78100 | 50870 | 23400 |
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