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Nifty 50 Nifty Bank Analysis for November 14, 2024
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Chanakya’s Nifty Bank & Nifty 50 Investments Analysis Stock market today live
Nifty Bank (50088):
*Trend for November 14: On Thursday, downtrend is expected to continue from the opening bell.
*On lower side, it is expected to decline to 49544
*On higher side, it is expected to move up to 50993
Nifty 50 (23559): On Thursday, profit booking and downtrend is expected from the opening bell.
*On lower side, it is expected to decline to 23421
*On higher side, it is expected to move up to 23785
- 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
The sharp downside momentum continued in the market for the second consecutive sessions on Wednesday and Nifty closed the day lower by 324 points. After opening with a negative note, the market has continued its weakness that lasted for the whole session. Minor intraday pullback rallies in between have been used as sell on rise opportunities.
A long bear candle was formed on the daily chart, that has made a new swing low of 23509 levels. This pattern is reflecting sharp selling momentum in the market.
Negative chart pattern like lower tops and bottoms is intact and the Nifty is currently placed at the lows to form a new lower bottom of the sequence (lower bottom reversal needs to be confirmed with upside bounce).
The crucial lower support of 200-day EMA has been tested around 23550 levels on Wednesday and there was no significant upside recovery from near the moving average supports for the day. Previously, in last couple of occasions (Oct-23 and June 24), Nifty witnessed significant bottom reversals near the said MA support.
The short-term trend of Nifty is sharply down. If the market decisively slides below 23500 levels, then one may expect the next lower trajectory of around 23000 levels in the near term.
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
The Indian stock market fell for the fifth successive session on Wednesday, November 13, due to weak global trends, a rise in the dollar index, a weakening rupee and a sell-off from foreign investors. The Nifty 50 index closed 1.36 per cent lower at 23,559.05 points, compared to 23,883.45 points at the previous market close.
The BSE Sensex closed 1.25 per cent lower at 77,690.95 points after Wednesday’s trading session, compared to 78,675.18 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty has witnessed a decent correction of over 10 per cent from the peak of 26,277, and now has touched 23,545. A further breach below will weaken the overall bias. Parekh estimates the Nifty 50 Spot index to find support at 23,300 points and face resistance at 23,800 points. The Bank Nifty index will likely move in the 49,500 to 50,700 range today.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty ended on the losing side by more than 300 points and has witnessed a decent correction of more than 10% from the peak of 26,277, and now it has touched 23,545, which is the level where the significant 200-DMA lies.”
“A further breach below 200-DMA shall weaken the overall bias, with the next major support positioned near 23,000–22,800 levels,” said the stock market expert.
“Bank Nifty tanking heavily indicated a bearish candle formation on the daily chart to make a low of 49,900 near the 200-period MA. On the downside, the next major support lies at 200-DMA level of 49,700 , which needs to be sustained to maintain the overall trend intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,300 points, while the resistance lies at 23,800 points. The Bank Nifty index would have a daily range of 49,500 to 50,700.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices continued profit booking at higher levels, the Nifty shed 324 points while the Sensex was down by 984 points. Among Sectors, all the major sectoral indices all the major sectoral indices witnessed profit booking at higher levels but Reality index lost the most, shed over 2.25 percent. Technically, after weak open throughout the day market registered selling pressure at higher levels. In addition, bearish candle on daily charts indicating further weakness from the current levels. We are of the view that, the current market texture is weak but oversold hence; we could expect one quick intraday pullback rally from the current levels.
For the traders now, 200 day SMA (Simple Moving Average) or 23500/77500 would act as a sacrosanct support zone. Above the same, we could expect one technical bounce back till 23800-23850/78300-78500. On the flip side, fresh selloff possible only after dismissal of 23500/77500. Below which, it could slip till 23380-23350/77200-77000.
Analysis by Mr Deepak Jasani, Head of Retail Research at HDFC Securities
Nifty fell for the 5th consecutive session on Nov 13 and entered correction territory, having fallen 10% from the recent high. Cash market volumes on the NSE were higher, suggesting some bottom fishing by local investors. Broad market indices fell much more than the Nifty and this is reflected in the poor advance decline ratio.
Traditional cyclical sectors came under selling pressure with Realty, Metals, Auto and Capital Goods facing the maximum brunt. Metal stocks suffered on account of falling metal prices globally after a disappointing stimulus announced in China recently. While levels of stocks in these sectors have turned attractive, any sustained turnaround will need global inflation and interest rate fears to subside.
Asian markets fell while European markets were nominally higher on Wednesday even as Global mining stocks suffered as metal prices slumped, driven by a robust US dollar and disappointment over China’s recent stimulus measures. Traders were upset over the impact of Donald Trump’s presidency on the Chinese and global economies, with fears that his policies could also reignite inflation globally and/or result in stagflation.
Indian Pharmaceuticals Market continued to report mid-single digit growth on year on year basis in October. IPM sales grew by 6.1% year on year during the month, against growth of 5.3% in September 2024 and 13.7% growth in October 2023. Overall growth was driven by growth in price increase of 5.2% year on year and new launches which increased 2.7% year on year, while volume growth (negative 1.8%YoY)remain weak.
Nifty formed another long bear candle on Nov 13 and did not provide sufficient bounce after testing its 200 DEMA. Nifty could now head towards 23340 in the near term while 23960 could offer resistance in the next up move.
Quote on market by Rajesh Bhosale, Equity Technical Analyst, Angel One.
NIFTY corrects 10% from the peak, tests 200-DSMA precisely
Following the bearish momentum from Tuesday’s close, Nifty opened on a negative
note and saw no respite for the bulls as the day progressed. Prices continued to decline throughout the session, ending with a sharp cut of 1.36% at 23559.
The session seemed to signal a complete surrender by the bulls, leading to a broad-based sell-off and a notable correction of over 10% from its all-time highs. Nifty has now precisely tested the long-term 200-DSMA, a critical support level that often acts as a pivotal point. Given the oversold conditions, the market’s response in the coming sessions will be crucial. However, with the recent breakdown of key levels and the strong momentum favoring bears, traders should exercise caution and avoid rushing into bullish trades. Resistance levels continue to shift lower, creating significant hurdles for any attempted recovery. Immediate resistance is now seen around 23800, followed by 24000, while further weakness could drag prices towards the 50-WEMA at 23200, which aligns with the 61.8% retracement of the rally from the election result day. Although identifying an exact bottom is challenging, this zone may offer opportunities to accumulate quality stocks in a staggered manner. Midcap and small-cap stocks bore the brunt of the selling pressure, and traders should avoid bottom-fishing in these segments as further sharp declines are likely. With a long weekend ahead, it is advisable to refrain from taking aggressive overnight trading bets.
Market Views by Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One Ltd
Key indices remain under pressure, NIFTY gives up on 24200
The Indian equity markets faced a tumultuous week, marked by significant volatility that saw whipsaw sways throughout the week. Investors experienced a rollercoaster of emotions as the indices showcased choppiness, reflecting a mix of market sentiment and external factors of the US presidential election. By the end of the week, the markets settled into a quieter state, wrapping up with a negative tone. The Nifty50 index eroded nearly one-sixth of a percent in the week to settle around the 24150 zone.
The week was bustling with significant happenings, ranging from the highly anticipated US elections to the critical outcomes of the FOMC meeting. These events kept traders actively engaged as they analyzed the implications before and after each occurrence, trying to navigate the shifting landscape of the market. Though from a technical standpoint, there have been no major alterations as key indices continued to stay in the stagnancy phase amidst some in-between fluctuations in the week. As far as levels are concerned, 24000 withholds the intermediate support for the benchmark index, while the sacrosanct support lies near the swing lows of 23900-23800 zone and a decisive fall could only disrupt the chart structure further. At the upper end of the spectrum, attaining the target of 24400-24500 presents a formidable challenge for the Bulls, and a decisive breakthrough could only reignite momentum to bring renewed optimism to the markets. However, until the aforementioned zone is reached, the ongoing fluctuations within a defined trading range are expected to create ongoing difficulties for market participants.
The recent selling activity by FIIs has created some challenges for domestic sentiments, highlighting a divergence from the generally positive trends observed globally. This situation underscores the importance of careful market observation and strategic decision-making as we navigate these differing dynamics. Simultaneously, one must maintain exclusivity in stock selection and refrain from aggressive trades until the overall market trend becomes clear.
Weekly market wrap by Amol Athawale, VP-Technical Research, Kotak Securities:
In the last week, the benchmark indices witnessed roller coaster activity, the Nifty ends .80 percent lower while the Sensex was down by 240 points. Among Sectors, IT index was the top gainer, rallied over 3.78 percent whereas Reality indices shed over 4 percent. During the week, after a sharp correction, market took the support near 23850/78250 and bounce back sharply but due to profit, booking at higher levels it corrected sharply. Technically, 24100/79300 and 24000/79000 would act as a key support zones for the traders. If it sustain above the same, then it could retest the level of 24500/80500. Further upside may also continue which could lift the index till 24600/80800. However, below 24000/79000 the sentiment could change. Below the same, traders may prefer to exit from the trading long positions.
For Bank Nifty now, 20 day SMA (Simple Moving Average) or 51500 would be the sacrosanct support zone. Above the same, it could move up till 52500-52800. On the flip side, below 20 day SMA or 51500 uptrend would be vulnerable.
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