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Nifty 50 Nifty Bank Analysis for November 21, 2024
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Chanakya’s Nifty Bank & Nifty 50 Investments Analysis Stock market today live
Nifty Bank (50626):
*Trend for November 21: On Thursday, the market is expected to move up at the opening bell.
*On higher side, it is expected to move up to 50926
*On lower side, it is expected to decline to 50384
Nifty 50 (23519): On Thursday, the market is expected to bounce back at the opening bell.
*On higher side, it is expected to move up to 23711
*On lower side, it is expected to decline to 23395
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Technical Analysis of the Market by Mr. Nagaraj Shetti,
Senior Technical Research Analyst at HDFC Securities
No updates for today
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
The domestic stock market indices broke their seven-day losing streak on Tuesday amid rising tensions between Russia and Ukraine, which weighed heavily on the markets. Profit booking at higher levels also contributed to the reversal in stock prices. The Nifty 50 index closed 0.28 per cent higher at 23,518.50 points, compared to its 23,453.80 points level at the previous market close.
The BSE Sensex closed 0.31 per cent higher at 77,578.38 points, compared to 77,339.01 points the previous day.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty made a significant pullback from the low near 23,350 levels, a long-term trendline zone. It showed signs of improving bias, but the heavy profit booking eroded the gains; the approach remains very cautious. Parekh estimates the Nifty 50 Spot index to find support at 23,350 points and face resistance at 23,700 points. The Bank Nifty index will likely move in the 50,000 to 51,000 range today.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty indicated a significant pullback from the low made near 23,350 levels, which was the important long-term trendline zone. It showed signs of improving bias to cross above the 23,750 zones, which did not last long as heavy profit booking eroded the gains on the back of fresh news of geo-political tensions, necessitating a very cautious approach.”
The index would have the crucial support zone of 23,350 levels failing which it would create panic selling and can worsen the trend further with next major support lying near 21,700 zone,” the stock market expert said.
“Bank Nifty almost reached the 51,000 zone but could not sustain much longer, to witnessing profit booking to end the session near 50,600 levels with bias turning into cautious mode. The index would have the crucial support zone near the important 200 period MA of 49,800 levels below which the overall trend would turn bearish,” said Parekh.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices bounced back sharply. Nifty ends 65 points higher while the Sensex was up by 239 points. Among Sectors, Media index outperformed rallied over 2 percent whereas Metal index shed nearly 1 percent.
Technically, after a promising intraday rally one more time market witnessed profit booking at higher levels. From the day, highest-level market shed nearly 300/1000 points.
We are of the view that, the current market texture is volatile and short-term texture indicating non-directional activity is likely to continue in the near future. For the day traders now as long as it is trading above 23400-23350/77200-77000 buying on dips and sell on rallies would be the ideal strategy. On the higher side, 23700-23750/78000-78200 could act as crucial resistance areas for the bulls. However, below 23350/77000 traders may prefer to exit out from the trading long positions.
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
Traders caught on the wrong foot as relief rally turned out to be a mirage
The Indian equity market witnessed a roller-coaster day of trade, wherein the benchmark index started on a buoyant note, soaring over 300 points in the day. However, by the penultimate hour, the so-likely bulls lost their grip, and once again the market fell under the tight grip of bears, paring down most of the day’s gain. Eventually, Nifty50 retracted from intraday highs to the 23500 zone, procuring a 0.28 percent gain in the day.
The market breadth has predominantly favored bullish sentiment, with a significant duration spent at elevated levels but the last half hour made the reality check for market participants. Technically, there have been merely any alterations to the price action on a closing basis, but the sell-off before the mid-week holiday reiterates a cautious stance in markets. On the levels front, 23650-23700 remains a strong resistance for Nifty, while 23800-24000 remains the sturdy hurdle for a trend reversal in the near period. On the lower end, 23400-23350 is anticipated to serve as an intermediate support level. Should this level be breached, there is a potential for further downward correction toward 23200-23100 in the comparable period.
The market seems volatile, and it is advised to avoid aggressive directional trade in the key indices. Simultaneously, the technical setup portrays a bearish view, necessitating restraint from being influenced by transient pullbacks until there is evidence of sustained movement in our domestic markets. In the meantime, it is prudent to stay abreast with global developments.
Quote on market by Rajesh Bhosale, Equity Technical Analyst, Angel One.
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