Market Outlook for 13th November 2024

Ruchit Jain Ruchit Jain

Last Updated: 13th November 2024 - 10:44 am

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Nifty Prediction for 13th November

Nifty started Tuesday's session on a flat note but witnessed a sharp correction throughout the day, and ended below 23900 with a loss of over a percent.

Nifty was unable to surpass the hurdle of 24500 in the recent pullback move and as a result of that, the index has resumed the downward momentum. The index has recently taken support in the range of 23900-23800 and it has closed in this range again. A breakdown below this could lead to further weakness and the index could approach the 200 SMA which is in the range of 23550-23500.

On the flipside, the initial resistance has now shifted lower to 24150 and 24270 levels. Traders should continue with a cautious approach on the markets and avoid aggressive trades

 

Sell-off resumes in broader markets

nifty-chart

 

Nifty Bank Prediction for 13th November

In last few weeks, the Nifty Bank index has consolidated in a range but has resisted to surpass the hurdle of 52500. In Tuesday’s corrective move, the RSI oscillator on the daily chart turned negative, hinting at the possibility of some weakness in the near term. Hence, traders are advised to be cautious for the near term. The immediate support for the index is placed around 50850 followed by 50200-50000 range. On the flipside, 51800-52000 is the resistance zone.

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23730 78200 50720 23330
Support 2 23590 77740 50280 23100
Resistance 1 24140 79020 51450 23720
Resistance 2 24270 79480 51750 23940

 

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