Market Outlook for 21 November 2023

Ruchit Jain Ruchit Jain

Last Updated: 21st November 2023 - 05:15 pm

Listen icon

Nifty started the week on a flat note and the key indices traded within a narrow range throughout the day. Nifty ended the day just below 19700 with a minor loss while the Bank Nifty index ended on a flat note.

Nifty Today:

It was a day of consolidation for the index, but stock specific movement kept the market momentum intact. The Midcap and the Small Cap index posted minor gains and continued to mark new highs, but the momentum readings on the lower time frame charts here are highly overbought and hence, risk rewards ratio doesn’t seem to be much favorable for long formation here. The important supports for Nifty are still intact where 19640 will be seen as immediate support followed by positional support around 19480. On the higher side, 19800-19850 is the important resistance zone where the Nifty resisted in the month of October too. In the weekly options segment too, 19800 call option has the highest open interest outstanding indicating option sellers concentration at this hurdle. FII’s still have significant short positions intact as they have not unwound much of their short positions in the recent upmove.

Nifty consolidates in a range amidst stock specific momentum

Ruchit-ki-rai-20-Nov

The above data indicates probability of some consolidation in the index in the short term. Thus, traders should focus on stock specific momentum at the moment until we see a breakout from the range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 19640 43300 19420
Support 2 19570 43170 19360
Resistance 1 19750 44720 19580
Resistance 2 19800 43860 19650
Stay Ahead in the Market Game!
Unlock expert perspectives to shape your investment strategy.
  • Performance Analysis
  • Nifty Predictions
  • Market Trends
  • Insights on Market
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Nifty Outlook For - 26 December 2024

by Sachin Gupta 26th Dec 2024

Nifty Outlook For - 23 December 2024

by Sachin Gupta 23rd Dec 2024

Nifty Outlook For Today - 20 December 2024

by Sachin Gupta 20th Dec 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form