Market Outlook for 28th November 2024

Nifty Prediction for 28th November

After a period of sideways movement in the early session, the Nifty index witnessed a strong surge in the second half, driven by gains in the Energy, Auto, and Capital Goods sectors. By the close of Wednesday's trading, the index settled at 24,274.90, marking a 0.33% increase. A notable recovery in Adani Group stocks bolstered positive sentiment on Dalal Street, while small-cap stocks also contributed significantly, with the Nifty Smallcap 100 index rising over 1%.

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From a technical perspective, the Nifty index has been consolidating within a range over the past two sessions, hovering around its 50-day exponential moving average (DEMA) at 24,350. A breakout above this level could signal further positive momentum, with potential targets at 24,550 and 24,700. Indicators such as RSI and MACD show a positive crossover on the daily chart, underscoring bullish strength in the near term.

On the downside, the index is holding firm support at 24,100, with additional safety nets at 24,000 and 23,900. On the upside, key resistance levels are positioned at 24,550 and 24,700.

Nifty 50 rises 0.33%, driven by broader market momentum 

Nifty Bank Prediction for 28th November

The Bank Nifty witnessed a positive momentum during the Wednesday trading session, driven primarily by HDFC Bank and other BFSI stocks. The index closed at 52,301.80, marking a modest gain of 0.21%. Despite trading within a range throughout the day, it managed to sustain above the previous day's close, reflecting resilience.

From a technical perspective, the index continues to face resistance near the 52,600 level while finding strong support around the 50-day exponential moving average at 52,000. Key indicators and oscillators are aligning with the upward trend, suggesting a bullish outlook in the near term. If the Bank Nifty breaks above the critical resistance at 52,600, it is likely to move higher, targeting levels of 53,300 and 53,500.
 

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