Nifty50 - November 2024 view
Updated
In my October view, I had mentioned that it is time to be cautious as Nifty was near an important zone of 26240-26270 and we have seen more than 2000 points fall since then.
FIIs have sold more than 1.3 lakh crore of equity in last 40 days.
Let's analyze what can be expected in this month. We have seen nearly 10% correction from ATH in Nifty50. 23900 is acting as a support currently which is also its 78.6 % fib extension.
On the downside:-
Below 23900, I am expecting at least 23300 which is near the trendline support.
On the upside:-
24300, 24800 & 25000 would act as a strong resistance.
Current view is sideways to bearish till 25000 is breached on weekly closing basis
Till then, market will remain on sell at high.
FIIs have sold more than 1.3 lakh crore of equity in last 40 days.
Let's analyze what can be expected in this month. We have seen nearly 10% correction from ATH in Nifty50. 23900 is acting as a support currently which is also its 78.6 % fib extension.
On the downside:-
Below 23900, I am expecting at least 23300 which is near the trendline support.
On the upside:-
24300, 24800 & 25000 would act as a strong resistance.
Current view is sideways to bearish till 25000 is breached on weekly closing basis
Till then, market will remain on sell at high.
Trade active
A point to note is that there is a positive RSI divergence near 23900 which can bring some upside movement in Nifty50 currently.Note
Nifty is testing 23900 again today.
If support is taken, we might see quick move towards 24500 .
Note
T1 done on downside 23300 seen and now we saw a jump towards 23900 again.
Trade closed: target reached
Keep your focus on 23900 for breakout and 23200 levels for breakdown.
check out my latest analysis
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