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Nifty and Bank Nifty Prediction for 11 November 2024
On Friday, the Indian market opened flat but declined overall, with Nifty down 51 points and Bank Nifty down 355 points. Realty, Oil and Gas, and Energy sectors faced losses, while IT and healthcare saw minor gains. Predictions suggest potential bullish reversals if Nifty holds above 24,000 support level. Bank Nifty appears bearish with losses and likely to continue if stays below resistance levels.
Indian market opened flat on Friday but traded in the red territory for the day despite high volatility in the morning taking the indices in the green zone.
Both Nifty and Bank Nifty closed the day in red where Nifty is down by 51 points and Bank Nifty was down by 355 points taking support at the 51,500 level.
Top losers in Friday’s trading session are the Realty stocks followed by the Oil and Gas, Energy sector, and Commodities sector, while the IT, healthcare, and FMCG sectors saw some buying but limited as none of the sectors rose 1% today, despite a Bullish Global Outlook.
Nifty Prediction for 11 November 2024
On the daily chart, Nifty has formed a Spinning Bottom Candlestick pattern around the support level which indicates a potential Bullish reversal in the market in the next week.
In the morning trading session, Nifty saw some volatility where Nifdty moved more than 200 points in an hour but faced resistance from the 50DEMA and found support at the 24,050 level but later it continued to normal and traded with a negative bias in a downward slope.
In the last two trading sessions, Nifty fell nearly 400 points despite a strong Rally in the previous week which led the RSI to fall into the Bearish Zone again.
Looking closely at the shorter time frame, Nifty is currently in the Falling channel, which if Broken, the index could freefall but the support at lower levels at 24,000 may pause its fall, and only then the market would bounce back, and it’s very likely that the Nifty would bounce back again if sustains at 24,000 level.
Nifty has its immediate support at the 24,000 level which is a major support level for Nifty in the near term, and till the 24,000 support is intact, Nifty remains bullish and one could look for Buying Opportunities in the dip, followed by 23,800 and 23,500 levels.
On the higher side, Nifty has its immediate resistance at the 24,200 level followed by 24,400 which is its 15DEMA, and 24,500 levels which is its 50DEMA.
Nifty Support and Resistance level for 11 November 2024
| Nifty support levels | Nifty Resistance Levels |
|---|---|
| 24,000 | 24,200 |
| 23,800 | 24,400 |
| 23,550 | 24,500 |
Bank Nifty Prediction for 11 November 2024
Bank Nifty faces more selling pressure than Nifty today, despite the same volatility level in the morning trade where it makes it to the green zone, but still, it closed the day with a loss of 355 points or 0.68% led by mainly PSU Banking stocks along with heavyweight ICICI Bank.
On the chart, Bank Nifty is forming a rising wedge Pattern which is mostly a bearish signal, and likely the Bank Nifty could fall to the 51,200 level which is its 100DEMA, or even lower to 51,000 on Monday and then rise again.
on the lower level, Bank Nifty has immediate support at the 51,200 level followed by 51,000 and 50,500 levels, and on the higher side, it has its nearby resistance at the 52,000 mark, followed by 52,500 and 53,000 levels.
Till the Index crosses above its 50DEMA, ignore any new long positions.
Bank Nifty Support and Resistance Level for 11 November 2024
| Bank Nifty support levels | Bank Nifty Resistance Levels |
|---|---|
| 51,500 | 52,000 |
| 51,000 | 52,350 – 52,500 |
| 50,500 | 53,000 |
