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Bank Nifty Prediction for 22 November 2024
Bank Nifty formed a Hammer candlestick on the daily chart after rising from the 200DEMA line - indicates a bounce back from here.
Nifty Bank is stronger than Nifty 50 today, as it recovers its early losses after falling to a day low of 49,787 level but rides higher during the day, and closes above the 50,000 mark, at 50,372.90 which is 0.50% lower than the previous day’s closing.
Bank Nifty has tested its 49,800 support level today, and the intense buying from the lower levels indicates a positive instance for the Index where the Bank Nifty formed a Hammer candlestick on the daily chart – indicating a Bullish Reversal soon.
Bank Nifty Prediction for 22 November 2024
On the daily chart, the Bank Nifty has tested its lower support level today and bounced back rapidly rising above 50,000 and continuing to trade higher throughout the day, forming a Hammer candlestick on the daily chart – which is a bullish reversal candlestick Pattern.
Today, the lower level of the Index is the swing high of April month and the swing low of August month, and as the Index rises immediately after falling to the support level it indicates a strong buyer presence at the lower levels – which means, there might be a reversal in the market soon.
Also, the RSI on the hourly chart is rising slowly suggesting a bullish momentum in the index, while the MACD on the 1-hour chart, gives a positive breakout indicating a bullish movement in the market in the coming days.
What to Expect from Bank Nifty on 22 November 2024
As the Index is continuously taking support from the 200DEMA – the overall sentiment of the Bank Nifty Index is Bullish and till the market is above its 200DEMA the market remains bullish and a bullish trade can be initiated in the dips.
But first, wait for the market to stabilize above a nearby support level like 50,500 and 51,000 levels.
The Index has nearby support at the 50,000 level followed by the 49,800 level which is its 200DEMA line and 49,500 levels. While the resistance stands at the 50,500 level followed by 51,000 and 51,500 levels.
Trading Level for Nifty: 49,500 – 51,000
Also Read:
Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Support and Resistance for 22 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 🙂
