Nifty Outlook - 25 Nov-2022

 Nifty Outlook - 25 Nov-2022
Nifty Outlook - 25 Nov-2022

by Ruchit Jain Last Updated: 2022-11-25T10:56:11+05:30

Nifty started the expiry day on a positive note and witnessed buying interest on intraday decline. The large cap stocks continued to lead the momentum and the Nifty rallied sharply in the last hour of the trade to end tad below 18500 with gains of over 200 points.

Nifty Today:

The index finally came out of its recent consolidation phase and resumed its uptrend on the November F&O expiry day. The large cap stocks, esp. led by the IT space, showed good momentum which resulted in the Sensex hitting all-time high and Nifty is just a distance away from the milestone. As we have been mentioning that until the Nifty breaks its important supports, the consolidation should just be seen as a time-wise correction and the index now has resumed the momentum. The ’20 DEMA’ support for Nifty has now shifted higher to 18140 and thus, until there are signs of reversal we continue with our advice to trade with the trend. The supports in Nifty for the coming session are placed around 18340 and 18200 while resistances are seen around 18670 and 18800.

All time high for Sensex, Nifty just distance away from milestone

Nifty Outlook 25th Nov 2022

 

Recently, this index rally has been led by few heavyweights such as Banking and IT while the midcaps have not participated. Until we see a breakout in the midcap index, one should continue to focus on stock specific moves in the sectors which are participating along with the uptrend in the index and avoid the underperforming ones.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18340

42840

Support 2

18200

42600

Resistance 1

18670

43240

Resistance 2

18800

43400

 

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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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