Nifty Outlook For - 23 December 2024
Market Outlook for 19th November 2024
Last Updated: 19th November 2024 - 10:20 am
Nifty Prediction for 19th November
The Nifty index extended its sell-off for the seventh consecutive session, weighed down by a sharp decline in the IT sector. The Nifty IT index tumbled more than 2% after Federal Reserve Chair Jerome Powell remarked that there was "no hurry" for rate cuts, dampening sentiment in tech stocks. Despite the weakness in IT, sectors like METAL, FMCG, and AUTO provided some support, limiting the overall decline. The Nifty closed at 23,453.80, registering a loss of 78.90 points.
This consistent selling pressure has pushed the Nifty near its five-month low, reflecting a bearish tone in the market. On the daily chart, the RSI is in oversold territory with a negative crossover, suggesting the possibility of some short-covering. However, there are no clear signs of a reversal in the chart patterns. Traders are advised to avoid carrying heavy positions and to maintain proper risk-reward strategies.
On the downside, the support levels are seen around 23,200 and 23,000, while on the upside, 23,800 may act as a strong resistance zone.
Nifty Slides for Seventh Straight Session, Hits Five-Month Low Amid IT Sector Weaknes
Nifty Bank Prediction for 19th November
After a positive start, Bank Nifty sustained its gains throughout the trading session, closing on a green note at 50,363.80, reflecting a 0.37% increase.
On the daily chart, the index is trading above its 200-day exponential moving average (DEMA), supported by a strong horizontal trendline. The momentum indicator RSI is positioned at 40, suggesting a relatively neutral stance, with narrow trading volumes observed. On the downside, if Bank Nifty sustains below the critical 49,900 level, a correction could be anticipated, potentially pushing the index towards the 49,200 and 48,800 levels.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 23330 | 76900 | 50033 | 23185 |
Support 2 | 23200 | 76470 | 49790 | 23113 |
Resistance 1 | 23590 | 77830 | 50600 | 23340 |
Resistance 2 | 23800 | 78200 | 50850 | 23420 |
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