Market Outlook 24 November 2023

Market Outlook 23 November 2023
Market Outlook 24 November 2023

by Ruchit Jain Last Updated: Nov 24, 2023 - 10:44 am 793 Views
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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

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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.
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