Market Outlook for 19th November 2024

Sachin Gupta Sachin Gupta

Last Updated: 18th November 2024 - 05:31 pm

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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 dips further, approaching crucial support amid continued market weakness

nifty-chart

 

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.

bank nifty chart

 

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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