Market Outlook for 11th November 2024

Sachin Gupta Sachin Gupta

Last Updated: 8th November 2024 - 05:27 pm

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Nifty Prediction for 11th November

The Nifty index closed the last trading day of the week with a negative bias, settled at the 24,148 mark with a 51-point loss. 

Throughout the week, Nifty displayed mixed momentum: after a pullback near the support level of 23,800, it encountered resistance around 24,500 and reversed to 24,150. Although the RSI shows a positive crossover on the daily scale, other indicators like the 100- and 50-day SMAs suggest a sideways to bearish trend. As a result, we expect the Nifty 50 to remain range-bound unless it breaks the 24,500 resistance level. Traders are advised to focus on stock-specific actions with a well-planned strategy.

 

Nifty struggles amid weak global sentiments, and corporate earnings

nifty-chart

 

Nifty Bank Prediction for 11th November

Bank Nifty continued its correction for the third consecutive day, slipping nearly 1,000 points from the weekly high of 52,493. Despite this decline, prices are still holding above the 100-day SMA, supported by a positive RSI crossover. On the upside, Bank Nifty faces resistance around the 52,500 level, while on the downside, it has major support near 50,270.

bank nifty chart

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24050 79133 51350 23740
Support 2 23953 78840 51140 23630
Resistance 1 24260 79823 51880 23950
Resistance 2 24375 80160 52200 24070

 

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