Market Outlook for 21st November 2024

Sachin Gupta Sachin Gupta

Last Updated: 21st November 2024 - 10:34 am

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Nifty Prediction for 21st November

The Nifty index broke its seven-day losing streak, closing above the 23,500 mark with slight gains. After opening on a positive note, the benchmark indices maintained upward momentum for most of the session. However, late selling pressure eroded earlier gains, and the Nifty ultimately settled at 23,518, up by 64.70 points.

On the daily chart, the index struggled to hold above its 200-day SMA, which served as an immediate support zone. Additionally, it formed like a Doji candlestick pattern, reflecting trader indecision. The RSI momentum indicator hovers near the oversold zone, though a negative crossover persists.

Key support levels are positioned at 23,300 and 23,100, while resistance is anticipated around 23,800 and 24,000.

 

Nifty breaks seven-days losing streak, closes above 23500 with volatility 

nifty-chart

 

Nifty Bank Prediction for 21st November

Bank Nifty displayed positive momentum on Tuesday, closing at 50,626.50 with a gain of 0.31%, driven by strong performance in top banking stocks.

On the daily chart, the index rebounded from the support of the 200-day EMA and managed to stay above the lower boundary of a symmetrical triangle pattern as well as the 50% retracement level, indicating a support zone around 50250.

On the downside, key support levels are seen around 50,250 and 49900, while resistance levels are positioned at 51,000 and 51,400, suggesting potential zones to watch for further movement.

bank nifty chart

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23300 77250 50250 23320
Support 2 23100 76900 49900 23260
Resistance 1 23800 77870 51000 23480
Resistance 2 24000 78150 51400 23550

 

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