Market Outlook 24 November 2023

Ruchit Jain

Last Updated: 24th November 2023 - 10:44 am

The indices continued its consolidation phase on Nifty’s weekly expiry day. The Nifty index ended the day around 19800 with a negligible loss.

Nifty Today:

Nifty has traded within a range in this entire week and it has neither broken its support of 19700 nor has it given a breakout above the hurdle of 19875. Also, the positions of the stronger hands in the index futures are more or less the same with the majority of positions on the short side. Thus, a breakout beyond the above mentioned levels will lead to the next directional move. Traders are advised to trade with a stock specific approach for now and trade in the index once we see a breakout on either side. The Midcap and the Small Cap indices have overbought momentum set-ups but there are no signs of any trend reversal as the key supports are intact. The indices could continue with the momentum in the near term. Also, in case the Nifty index gives a breakout above the resistance of 19875, then traders should watch out for leadership from the heavyweights such as Reliance Ind, HDFC Bank and certain FMCG stocks.

Nifty continues to consolidate within 19700-19870 range

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	Nifty Levels	Bank Nifty Levels	FINNIFTY Levels
Support 1	19730	43360	19520
Support 2	19680	43270	19470
Resistance 1	19870	43750	19670
Resistance 2	19950	43870	19720

How do you rate this article?

Characters remaining (1500)

View All

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

FREE Trading & Demat Account

+91