Market Outlook for 26th November 2024
Market Outlook for 27th November 2024
Last Updated: 26th November 2024 - 05:15 pm
Nifty Prediction for 27th November
The Nifty 50 experienced range-bound momentum after a positive opening in Tuesday's session. Initially, it surged to a high of around 22,350 in the opening session but later traded within a narrow range and ended below the previous close of 24,221.90. Despite the narrow momentum, the Nifty IT sector showed strong gains, reaching a fresh record high, driven by robust performances from major players like TCS, Infosys, and Tech Mahindra.
Technically, the Nifty faced resistance around the 50-day Exponential Moving Average at 24,350 and subsequently turned lower. However, the RSI and MACD are witnessing positive crossovers on the daily chart. Overall, market breadth is positive, indicating a favorable environment for investors.
Traders are encouraged to adopt a "buy on dips" strategy in the index and maintain a stock-specific approach. On the downside, the Nifty is holding support around the 24,070 and 23,900 levels, while on the upside; resistance is positioned around the 24,350 and 24,500 levels.
Nifty Bank Prediction for 27th November
The Bank Nifty exhibited a mixed trading session on Tuesday, opening strong but later experiencing some volatility throughout the day. It closed at 52,191.50, reflecting minor losses.
Overall, the Bank Nifty demonstrated robust performance in the last two trading sessions and managed to sustain levels above the 52,000 mark. On the daily scale, the index has encountered horizontal line resistance around the 52,600 level and pulled back from there, indicating an immediate hurdle for the index.
Market sentiment appears positive in the short term, while it is essential to keep an eye on the broader market trend. Looking ahead, the index has key support levels at 51,800 and 51,500, while resistance is anticipated around 52,600 and 53,000.
Intraday levels
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 24070 | 79630 | 51800 | 23950 |
Support 2 | 23900 | 79250 | 51500 | 23870 |
Resistance 1 | 24350 | 80470 | 52600 | 24130 |
Resistance 2 | 24500 | 80700 | 53000 | 24200 |
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