Market Outlook for 18th November 2024

Sachin Gupta Sachin Gupta

Last Updated: 14th November 2024 - 05:26 pm

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Nifty Prediction for 18th November

After a flat opening, the benchmark indices traded in a zigzag move and closed in the red at 23,532.70, marking a loss of 26 points on Thursday.

On the daily timeframe, the Nifty index has dropped over 10% from its September highs, approaching its lowest levels in the past five months. Recently, the index has been hovering near the 200-day Exponential Moving Average (EMA), which acts as an immediate support zone.

The Relative Strength Index (RSI) has entered oversold territory, accompanied by a negative crossover, suggesting the potential for a short-term rebound. However, such a bounce is expected to be unsustainable due to unfavorable fundamental factors. On the downside, Nifty has support at the 23,200 and 23,000 levels, while resistance is seen around the 23,800 and 24,000 levels.

 

Nifty dips further, approaching crucial support amid continued market weakness

nifty-chart

 

Nifty Bank Prediction for 18th November

The Bank Nifty index experienced a strong momentum, surging 500 points after the opening candle on Thursday.
However, it struggled to sustain the gains and eventually settled at 50,179.55, marking a modest gain of 91.20 points for the day.

Private Banks and Insurance stocks played a key role in supporting the index, helping it stay in the positive territory. Despite the day's gains, the Bank Nifty is currently holding a crucial support level around 50,000. If this support is breached, it could trigger a more pronounced correction in the index, signaling potential downside risks in the near term.

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23400 77300 49800 23130
Support 2 23270 77050 49300 23060
Resistance 1 23700 77870 50550 23280
Resistance 2 24000 78100 50870 23400

 

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