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Bank Nifty Prediction for 14 November 2024
Nifty Bank is Currently trading at its support level of 50,000 which is a crucial level for Bank Nifty and as Nifty has already reacted from this level in the past, it is expected that the market will bounce back from the 50,000 level on Thursday, 14 November 2024
Indican benchmark indices – continued to fall for the 5th straight session, while the Nifty Bank Index is holding strong from the last 1 week, but today on its weekly expiry day, the Index fell by more than 2% or 1069 points to 49,900 level but in the last hour of trading, it recovered some points and closes the day a bit higher than 50,000 level.
The Nifty Bank Index experienced more weakness than the other benchmark indices – falling more than 25 today to the support level of 50,000 mostly due to heavy selling in the PSU Banks but also the Index heavyweights HDFc and ICICI fell by 2.14% and 1.33% respectively moving the index below its support level of 50,500 and 50,000
Bank Nifty Prediction for 14 November 2024
On the technical chart, Bank Nifty seems to form a Symmetrical triangle pattern but today, it broke the lower side of the pattern indicating a further correction in the index after a week-long consolidation.
On the chart, the Nifty Bank Index is taking support at its 200DEMA which is at the 50,000 level forming an Inside Bar on the hourly chart, indicating a Bullish Reversal as it is currently in the downtrend.
Technical Indicators like RSI and MACD also jumped back to the bearish zone where the RSI fell to 39 – a bit above the oversold zone, and the MACD gave a Bearish crossover – indicating a furthermore correction in the index – only if the Index broke below the 50,000 level.
Bank Nifty’s near-term support stands at the 50,000 level followed by 49,500 and 49,000 levels, while the resistance stands at the 50,500 level followed by 51,000 and 51,500 levels.
What to Expect from Bank Nifty on 14 November 2024
But it is more likely that the Bank Nifty index is ready for a Bounceback as it has already shown some bullishness from the support level in the last hour of trading – and as it is currently trading near the swing high of April month and the swing low of the August month – which suggests 50,000 as a crucial level for the Index – and also as the Index has already reacted from this level in the past -we expect a bounce back from this level if it manages to sustain above 50,000 level.
Trading Level for Nifty: 49,500 – 51,000
Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Support and Resistance for 14 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 50,000 | 50,500 |
| 49,500 | 51,000 |
| 49,000 | 51,500 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
