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Bank Nifty Prediction for 21 November 2024
Bank Nifty Index has formed an Inverted Hammer after rejection from the 10DEMA indicating a bullish reversal in the market soon.
Following Nifty, Bank Nifty also traded higher throughout the day, led by Index heavyweight HDFC, and made an Intraday high of 50,983.50 and in the last hour of trading, it also fell down nearly 1% from the day’s high but closed the day at 50,626.50 after taking support from the 50,6500 level.
While the Private sector banks show some strength today, the PSU Banks fell badly, whereas the larger banks, like SBI, BOB, and Canara Bank continue to slip for the day.
Bank Nifty Prediction for 21 November 2024
The Nifty Bank Index has formed an Inverted Hammer after facing resistance from the 51,000 level but the Index has continued its winning streak for the third day – indicating a positive market outlook.
On the hourly chart, the Bank Nifty index started falling after rejection from the 50DEMA and the Index has fallen nearly 1% from the day’s high but managed to close the day with a gain of 0.52% or 262 points.
The RSI on the daily chart is rising slowly but still in the bearish zone, while the MACD is still bearish indicating a bear market ahead, but the PCR has risen above 1.0 during the day – indicating a positive market outlook for 21 November 2024.
The nearby support in the Bank Nifty Index is at the 50,500 level followed by 50,000 and 49,500 levels and on the upper side, Bank Nifty has resistance at the 51,000 level followed by 51,500 and 52,000 levels.
What to Expect from Bank Nifty on 21 November 2024
If you look carefully at the weekly chart of the Bank Nifty then you can find a Head and Shoulder pattern formation which is a bearish pattern and likely the Index is being prepared for a major fall in the future with support at the 50,000 level.
Anyway, for Thursday, 21 November 2024, the Bank Nifty index is likely to rise and continue its winning streak as it has taken support at the 50,500 level which is a major support level for the Index in the past, so it is likely that the Index will rise from here once again towards the 51,000 and 51,500 level on 21 November 2024.
Trading Level for Nifty: 50,000 – 51,500
Also Read:
Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Support and Resistance for 21 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 50,500 | 51,000 |
| 50,000 | 51,500 |
| 49,500 | 52,000 |
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 🙂
