Market Outlook for 22nd November 2024

Nifty Prediction for 22nd November

After modest gains in the previous session, the Nifty index plunged by 0.72% on Thursday, driven by weak global cues and a sharp decline in Adani Group shares, which dampened market sentiment. 

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On the daily chart, the Nifty failed to sustain above the 200-day moving average (DMA), resuming its downward trend, signaling further near-term bearishness. The index has breached previous swing lows and is now near the 61.8% Fibonacci retracement support zone. The Super Trend indicator reflects a bearish momentum, while the Relative Strength Index (RSI) hovers near the oversold territory with a negative crossover, suggesting the possibility of short covering in the Nifty 50.

Traders are advised to monitor global events and adopt a sell-on-rise strategy until the market shows clear positive signals.

Key support levels are identified at 23,200 and 23,000, while resistance is seen at 23,550 and 23,800.

Nifty drops 0.72%, amid weak global cues and Adani shares slump, bearish trend persists

Nifty Bank Prediction for 22nd November

After a negative opening, Bank Nifty showed a slight recovery during Thursday's session but ultimately closed on a negative note at 50,372, marking a loss of 253 points. 

On the daily chart, the index has retested the 200-EMA support level for the third consecutive session, settling above it, which indicates a strong support zone around the 49,900 level. However, the stochastic RSI continues to display a negative crossover on the daily timeframe, signaling caution. Additionally, on the hourly chart, prices remained below the VWAP line throughout the day, reinforcing a bearish undertone.

On the downside, key support levels are identified at 49,900 and 49,600, while resistance is positioned at 50,700 and 51,100, providing critical levels to monitor for future price action.
 

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