Market Outlook for 26th November 2024

Nifty Prediction for 26th November

The benchmark index showed significant upward momentum, driven by gains across all sectors. This rally was largely influenced by the NDA's victory in the Maharashtra state elections, which boosted investor confidence. On Monday, the

Nifty index surged by 314 points, closing at 24,221.90. The session began with an upside gap, and early buying extended the pullback rally. However, the index lost some of its election-driven momentum, retreating slightly from its intraday high of 24,351 and forming like a Doji candlestick pattern on the daily chart.

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Despite the slight retreat, the Nifty confirmed a breakout of the Falling Channel pattern with a gap-up opening and sustained levels above the Middle Bollinger Band, indicating a bullish setup for the near term. Momentum indicators further supported this outlook, with the RSI recovering sharply from the oversold zone and showing a positive crossover. Additionally, the MACD exhibited a positive crossover, reinforcing the potential for a reversal.

Traders are advised to maintain a positive bias as long as the Nifty remains above the 24,000 mark. On the upside, if the index sustains levels above 24,350, it could potentially move higher toward the 24,500 and 24,700 levels.

Nifty surges 1.32 percent on election boost, signals bullish momentum 

Nifty Bank Prediction for 26th November

Bank Nifty opened higher at 52,046.35 on Monday, reaching an intraday high of 52,331.10 during the opening bell, marking a sharp intraday rally of approximately 1,000 points before closing at 52,207.50.

This performance extended Friday's gains, driven by strong buying interest in PSU stocks, which saw the PSU index rise by 7% over the last two sessions. The rally was fueled by positive market sentiment following the BJP's victory in the Maharashtra elections.

On the daily chart, Bank Nifty closed above the 50-day SMA with a gap-up opening, signaling short-term optimism. 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  for Nifty, Bank Nifty Levels and  FINNIFTY Levels: