Market Outlook for 29th November 2024

Nifty Prediction for 29th November

On the November expiry day, the benchmark index Nifty50 extended its losses, closing at 23,914.15 with a 1.49% decline, weighed down by weakness in IT and auto stocks. The market sentiment was dampened by concerns stemming from U.S. inflation data, which signalled a slower-than-expected trajectory for future rate cuts—a factor that particularly impacted the IT sector.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

On the daily chart, the Nifty erased earlier gains, filling the gap from the election results day. However, it managed to hold key support levels around the Middle Bollinger Band and a horizontal trendline. Technical indicators such as RSI and MACD remain on a positive trajectory, suggesting a favorable outlook in the near term.

Traders are advised to closely monitor global events, foreign institutional investor (FII) activity, and rollover data to better understand the market's direction in the upcoming series. On the downside, the index has strong support at 23,800 and 23,650 levels, while resistance is expected at 24,100 and 24,350 levels.03:56 PM

Nifty loses momentum, turns lower from the key resistance amid global concerns 

Nifty Bank Prediction for 29th November

The Bank Nifty experienced a pullback, relinquishing early gains and failing to sustain its upward trajectory, closing at 51,906.85 with a 0.76% decline.

On the daily chart, the index struggled after breaching the 52,600 level, reversing gains and engulfing the momentum of the last two sessions. This weakness was largely driven by private banking stocks, as the Nifty Private Bank Index fell by 1.11% for the day. Despite forming a bearish reversal pattern, the Bank Nifty remains above its 50- and 100-day exponential moving averages (DEMA), indicating strong support around the 51,500 level. A breach below this could extend the correction to 51,000 & 50700 levels. 

Traders are advised to adopt a stock-specific strategy within the banking sector and consider a "buy-on-dips" approach for the near term.

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