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Published on 22-11-2024 10:54 am

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Published on 22-11-2024 10:50 am

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Published on 22-11-2024 10:21 am

Daily Technical View on Nifty

Market: Observation

Markets moved down further on Thursday after the weakness seen in the afternoon session of Tuesday. Nifty finally lost 168.6 points or 0.72% to close at 23,349.9. Broad market indices like BSE Mid Cap index lost less, thereby outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE.

Nifty: Tuesday’s highs need to be taken out

On Nifty 15 min chart, we can observe that Nifty opened on a negative note and moved lower. A recovery from the lows helped to curb the losses for the day.

The near term trend nevertheless remains down. And the Nifty also trades below the 50 period MA on the 15 min chart, indicating the bears have an upper hand unless Tuesday’s highs are convincingly taken out.

Nifty: Daily and Weekly chart indicates market could bounce back soon

Daily timeframe indicates that while the Nifty has been continuously moving lower for the last two weeks after reacting from the 20 day SMA, the index is now near the 50 week SMA at 23301.

The 50 week MA usually acts as a strong support, which means that downsides could be limited and Nifty could bounce back soon, at least temporarily.

Momentum indicators like the 14-day RSI too are in oversold levels, which increases the probability of a bounce back. Any pullbacks could lead to the Nifty testing the resistances at 23507-23781. We would however turn bullish only if Tuesday’s highs of 23781 are taken out convincingly. Till then we stick with our trend, which is currently down.

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Published on 22-11-2024 10:11 am

Nifty

Nifty 50 continues to face selling pressure, struggling to reclaim its 200 DEMA support at 23,540, which also aligns with a key channel pattern support. A sustained breach below 23,500 could extend the decline to 23,200, coinciding with the 50-week EMA. However, a positive RSI divergence hints at weakening bearish momentum, though a reversal is yet to be confirmed. Options data indicates a rangebound outlook between 23,300–23,700, with significant resistance at 24,000. The cooling of India VIX from 19 suggests reduced selling pressure and potential stabilization. In the near term, Nifty is likely to consolidate within the 23,300–24,000 range. Traders can focus on range-bound long-short strategies, activating leveraged longs only above 24,140, while investors can use the correction to accumulate oversold mega-cap stocks with relative strength, positioning for recovery as market conditions improve.

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Published on 22-11-2024 10:09 am

Bank Nifty

Bank Nifty faces an immediate resistance around 50740 levels on the upside and on a decisive close above expect a rise to 51000-51240 There is an immediate support at 50000-49740 levels.

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