Nifty and Bank Nifty Prediction for Tomorrow 29 Nov 2024
As November comes to an end, Indian stock market traders and investors are closely watching important levels of Nifty 50 and Bank Nifty. Below is an analysis based on the latest market trends, key technical indicators, and global sentiments to help make informed decisions.
Realtime Nifty intaday chart with target and Stoploss
Nifty Analysis for Tomorrow:-
- Closing Value: Nifty ended at 23,914.15, down 1.49% today, showing weak sentiment due to selling pressure in key sectors.
- Support Levels: Immediate support is seen at 23,800, with stronger support at 23,600. Breaking these levels could heavy selling pressure.
- Resistance Levels: Nifty may face resistance at 24,200 and 24,400. If breached, these levels could give better recovery.
- Technical Indicators: Indicators like RSI and MACD suggest oversold conditions, hinting at potential short-term recovery, but global factors remain critical as all the global market doing not good with levels all are falling or sideways .
Bank Nifty Analysis for Tomorrow:-
- Closing Value: Bank Nifty closed at 51,906.85, down 0.76%, as major falling in private banking stocks.
- Support Levels: Immediate support lies at 51,500, with critical support around 51,200.
- Resistance Levels: On the upside, resistance is observed at 52,500 and 53,000.
- Technical Indicators: The chart suggests mixed signals, with moving averages supporting a cautious buy and oscillators leaning towards a sell.
Global Sentiment:-
Global markets are currently feeling the impact of several key factors:
- Weakness in U.S. Markets: The S&P 500 and Nasdaq are showing mixed trends, as investors remain cautious amidst ongoing economic uncertainties, such as inflation and interest rate concerns. This has created a cautious optimism, with no clear upward momentum.
- Falling Oil Prices: Brent crude oil prices have dropped to $71.99, which is good news for India, as lower oil prices reduce import costs and ease inflationary pressure.
- Strong Dollar Index: The Dollar Index has strengthened to 106.257, signaling tighter global liquidity. A strong dollar often leads to foreign capital outflows from emerging markets like India, potentially pressuring Indian equities further.
These factors combined could influence the direction of the Indian stock market in the near term, especially for key indices like Nifty and Bank Nifty.
Key Takeaways for Nifty and Banknifty for Tomorrow session:-
- Nifty Strategy: For intraday traders, buying near 23,800 with a stop loss at 23,600 could be viable. Profit booking is recommended around 24,200.
- Bank Nifty Strategy: Buying near 51,500 with a stop loss at 51,200 might work. Resistance around 52,500 could be a target.
- Global Sentiment: Investors should monitor global indices and crude oil movements for further cues.
Nifty and Banknifty chart analysis with levels for intraday:-
As shown in above image you can clealy see there is good gap in banknifty chart and the levels are as below :
Good support Near 51250 so if banknifty holds the same one can go long near this . Wait for the same .
Resistance Near- 52000-52200 – Dont buy Near this as if banknifty not holds this then you may see a drastically fall near 51200-51250.
Nifty chart Analysis for tomorrow:-
As shown in above image you can clealy see there is good gap in Nifty chart and the levels are as below :
Good support Near 23800-23850 so if Nifty holds the same one can go long near this , you can assume the target near 23950-24000 and so on . If support not holds then a goof fall may be near to 23600 -23550 and so on .
Resistance Near- Good resistance is showing near 24000 and at upper levels till 24200-24300.
Disclaimer :-This chart is for educational purpose please do analysis by own before taking any trade .
