Nifty Outlook - 24 Nov-2022

 Nifty Outlook - 24 Nov-2022
Nifty Outlook - 24 Nov-2022

Market Outlook
by Ruchit Jain Last Updated: 2022-11-24T10:59:24+05:30

It was another day of consolidation in the index where the Nifty traded in a narrow range post a positive opening and did not witness any directional move. The Bank Nifty relative outperformed but it too gave up some of the gains towards the end. Nifty ultimately ended this rangebound session above 18260 with marginal gains.

Nifty Today:

The global cues were positive at the start of the day and hence, our markets too started the day on an optimistic note. After some consolidation, the banking index took leadership and witnessed a positive momentum, but it gave up some of the gains towards the end as the broader market did not participate and Nifty too continued its lackluster movement. Since last few days, the market breadth has not been in support of the upmove in the index which is a sign of divergence. However, since the Nifty has not breached its important supports, this should be seen as a time-wise correction as of now. Hence, until the index resumes the upmove with support of broader market participation it is better to avoid aggressive trading and stay on the sideline for time being. The 20 DEMA for the Nifty is now placed around 18100 and hence, it would be an important support to watch for the short term.

Nifty consolidates in a range ahead of the expiry day

Nifty Outlook 23rd  Nov 2022

 

Although the Bank Nifty index has been outperforming, this index seems to be forming a ‘Rising Wedge' pattern on the daily chart. The immediate support for the same would be seen around 42200 and the trend remains positive till it is intact. Hence, 18000-18100 range in Nifty and 42200-42000 range in Bank Nifty are the key supports and traders should keep a close tab on the same.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18200

42570

Support 2

18120

42400

Resistance 1

18320

42870

Resistance 2

18360

43000

 

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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.

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.

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