Today Stock Market share market today live
Nifty 50 Nifty Bank Analysis for November 22, 2024
Table of Content
Chanakya’s Nifty Bank & Nifty 50 Investments Analysis Stock market today live
Nifty Bank (50373):
*Trend for November 22: On Friday, the market is expected to decline at the opening bell.
*On lower side, it is expected to decline to 49889
*On higher side, it is expected to move up to 50754
Nifty 50 (23349): On Friday, the market is expected to decline at the opening bell.
*On lower side, it is expected to decline to 23240
*On higher side, it is expected to move up to 23484
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Technical Analysis of the Market by Mr. Nagaraj Shetti,
Senior Technical Research Analyst at HDFC Securities
After showing weakness from intraday highs on Tuesday, Nifty continued its downside momentum on Thursday and closed the day lower by 168 points. After opening on a negative note, the Nifty slipped into sharp weakness in the early part of the session. It later shifted into a range bound action for better part of the session and finally closed the day with minor upside recovery note.
A reasonable negative candle was formed on the daily chart with minor lower shadow. Technically, this market actions signal downtrend continuation pattern as per bearish sequence like lower tops and bottoms on the daily timeframe chart.
The crucial 200-day EMA support has been broken again around 23500 levels after a recent failed upside bounce. The short-term market action post this downside breakout is going to be crucial. If Nifty fails to show any sharp weakness in the next 1-2 sessions, then chances of another upside bounce could come into play.
The short-term trend of Nifty continues to be weak and the market is expected to slide down to 23200-23100 levels in the near term. Immediate resistance is placed at 23500 levels.
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
The Indian stock market, after breaking its seven-day losing streak, resumed its downward trend amid weak global cues, closing in the red on Thursday, November 21. The Nifty 50 index closed 0.72 per cent lower at 23,349.90 points, compared to 23,518.50 points at the previous market close.
The BSE Sensex index closed 0.54 per cent lower at 77,155.79 points after Thursday’s market session, compared to 77,578.38 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty is resisting near the 200 DMA zone, which is working like a barrier. The index needs a decisive breach above this zone to trigger a fresh upward move in the upcoming days. Parekh estimates the Nifty 50 Spot index to find support at 23,200 points and face resistance at 23,550 points. The Bank Nifty index will likely move in the 49,800 to 51,000 range today.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been resisting near the 200 DMA zone, which is acting as a barrier, and the index needs a decisive breach above this zone to trigger a fresh upward move in the coming days.”
“The index has the 23,000–23,200 zone as the crucial and important support as of now, which needs to be sustained to maintain the overall trend intact,” said the stock market expert.
“Bank Nifty is better placed as compared to the Nifty index and has maintained above the important 200 DMA level of the 49,800 as of now. A decisive breach above 51,000 levels is necessary to improve the bias, while 49,800 levels would be a crucial and important support zone for the index,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,200 points, while the resistance lies at 23,550 points. The Bank Nifty index would have a daily range of 49,800 to 51,000.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices continued selling pressure at higher levels, the Nifty ends 169 points lower while the Sensex was down by 423 points. Among Sectors, PSU Banks, Media, Metal indices lost the most shed over 2 percent whereas despite weak market sentiment Reality index outperformed, rallied nearly 1 percent. Technically, on daily charts the index has formed bearish candle and it also holding lower top formation, which is largely negative.
We are of the view that, the current market texture is weak but oversold hence strong possibility of one quick pullback rally is not ruled out. For the traders now, 23350/77150 and 23400/77300 would be the key levels. Above 23400/77300, we could see one quick pullback rally till 23500-23550/77700-78000.On the flip side, fresh selloff possible only after dismissal 23250/76900. Below which the selling pressure is likely to accelerate. Below the same market could slip till 23175-23150/76600-76500.
Analysis by Mr Deepak Jasani, Head of Retail Research at HDFC Securities
Nifty extended its fall for the seventh straight session on Nov 18- marking longest losing streak since eight sessions to Feb 28, 2023. At close, Nifty was down 0.34% or 78.9 points at 23453.8. Cash market volumes on the NSE continue to remain low. Smallcap index fell more than the Nifty as retail investors remained on the edge after continuous weakness in that space. Metal stocks saw some buying led by aluminium stocks post the Chinese action on duties and subsidies over the weekend. IT, Oil & Gas and healthcare stocks came under selling pressure as Govt’s action to cut sale of concessional APM gas to CGD players hit their stock prices hard while weakness in Nasdaq impacted IT sector in spite of the Rupee weakness. Global equities were mixed amidst worries over Trump’s policies and as investors awaited speeches from European Central Bank policymakers to gauge the path of interest rates. Nifty showed continued weakness on Nov 18, but did not close at the intra day low. 23110-23339 band could offer support to the Nifty on the downside while 23630-23865 could offer resistance on upmoves.
Weekly market wrap by Amol Athawale, VP-Technical Research, Kotak Securities:
In this truncated week, the benchmark indices witnessed a sharp correction, the Nifty ends 2.45 percent lower while the Sensex was down nearly 2000 points. Among Sectors, almost all the major sectoral indices registered profit booking at higher levels but Metal index lost the most, shed over 5percent. During the week, market slipped below 24000/79000 and post breakdown the selling pressure intensified. Technically, on weekly charts, it has formed long bearish candle and on daily charts, it is holding lower top formation, which is largely negative. We are of the view that, the current market texture is weak but oversold, for the positional traders now, 200 day SMA or 23500/77400 (Simple Moving Average) would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally. On the higher side, the market could bounce back till 23800-24000/78500-79000. However, dismissal of 23500/77400 could trigger further weakness. Below which, it could slip till 23300-23200/77000-76600.
For Bank Nifty traders also 200 day SMA or 49750 would be the key support zone. if it sustain above the same, then it could move up till 50900-51200. However, below 49750 or 200 day SMA the sentiment could change. Below which it could slip till 49300-49000. Short-term traders should remain cautious and be very selective as there is a risk to get trapped at lower levels.
Market Views by Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One Ltd
Adani saga adds to the market pain, Nifty made a fresh 5-month low
The Indian equity markets started the session on a bleak note, taking cues from weak Asian bourses followed by the Adani saga woes. The benchmark index slipped over 300 points during the initial hour of trade, making a fresh 5-month low. However, as the session progressed, the markets regained some stability and traded within a narrow range for the remainder of the day. Ultimately, the Nifty50 index closed the weekly settlement session in a bearish trend, dropping over 0.70% to settle in the 23350 zone.
The underlying weakness, combined with unpleasant news flow, fueled bearish sentiment. The chart structure construes further weakness as the Nifty maintains the lower lows formation. The 200 DSMA around 23580-23600 is emerging as a significant challenge that will require strong momentum to overcome. While there are questions about sustainability, it is clear that until we see a decisive break of the zone at 23800-24000, any pullbacks should be seen as opportunities to exit long positions. Given the current circumstances, 23200-23100 is likely to be tested during this comparable period. Therefore, a strong risk management strategy is recommended to address the current situation.
The geopolitical concerns and the recent developments hampering the sentiments of equity markets need to be watched closely, which may dictate the near-term sentiment for our markets. At the same time, it is crucial not to get overly enthusiastic during any pullbacks and to wait for the volatility to settle before making decisions
Quote on market by Rajesh Bhosale, Equity Technical Analyst, Angel One.
N
To subscribe Our Investment Publications: Click
Quicklinks
