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Nifty Prediction for 13 November 2024. Index is weakning Again.
Index is weak, as it fell to the support level of 23,800 for the second time this month, indicates a very weak market and likely the market will fall further too.
Indian benchmark indices including Nifty saw a fall in the market again after a frequent reversal from the 23,800 in the Nifty50 last week, and again the Index has fallen to the 23,800 level today, which indicates a very weak market.
Our markets tried to bounce back and recover some of the losses in the previous week, but continuous selling by the FIIs took the market lower again.
Nifty opened positive today and tried to sustain above the 24,200 level but after a frequent up and down move in the opening session, it started falling and continued to fall through the day – taking support at the 23,800 level – which is the swing low of the August and the November month too.
Nifty Prediction for 12 November 2024
The market is continuously falling led by the hefty selling by the FIIs which led to Nifty falling more than 1% today with most selling in PSU, Auto, and Banking stocks.
On the technical chart, Bank Nifty has made a Bearish Marubozu candlestick in the daily timeframe which is a Bearish candlestick pattern, and likely the market will trade lower on Wednesday too breaking below the support level of 23,800.
RSI on the daily timeframe indicates a Bearish trend in the market and is likely to fall in the Oversold zone too, where the MACD has given a Bearish crossover too.
But it remains interesting to see how Nifty reacts from the 23,800 level as Nifty has bounced back from the 23,800 level three times previously and is expected to bounce back on Wednesday too.
Anyway, the nearby support for Nifty is at the 23,800 level followed by 23,700 and 23,500 levels whereas the resistance stands at the 24,000 level followed by its 20 DEMA which is at 24,400 and 24,500 levels.
What to Expect from Nifty on 12 November 2024
Nifty is likely to bounce back on Wednesday from the support level of 23,800, as previously, Nifty has shown a bullish reversal from this level in the current month and previously in August.
But if Nifty falls below the 23,800 level then we may see a free fall in the market towards the 23,500 level which is a key support level for Nifty which is also its 200 DEMA.
Also, it is expected that the Nifty will try to form a Double bottom pattern by falling to the 23,800 level – which is an interesting thing to watch.
But till Nifty sustains below the 24,000 level you can trade with a bearish bias but if Nifty rises above the 24,000 anytime, and sustains above it, then you can look for Buying.
Trading Level for Nifty: 22,200 – 22,500
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 12 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
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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 🙂
