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Nifty Prediction for 14 November 2024.
Nifty is down by 10% from its all-time high levels and currently trading below its 200DEMA indicates a long term correction. But as the market is currently in the oversold zone it is expected that the Nifty will likely show a short term recovery.
Nifty continued to fall today, after opening a bit lower from the previous closing – maintaining its losing streak for the 5th Straight day, taking support at the 23,500 level.
During the day, it tried to sustain above the 23,700 level, but selling by the FIIs led Nifty to break its support level of both 23,700 and 23,600 – and it fell more than 1.5% in the last hour of trading, but it somehow managed to cover some losses after bouncing back from the support level of 23,500 and closed the day at 23,559 with a loss of 1.36% or 324.40 points.
All the Indices are trading in the red today, where the Nifty Realty, Metal, Auto, Banking, and Commodities sectors fell the most and as a result, India Vix jumped 5.83% to 15.44 – indicating a fear in the market.
Nifty Prediction for 14 November 2024
Nifty continued to fall today, which is its 5th straight day in red – breaking the support of 23,700 and 23,600 but it somehow managed to take support at the 23,500 level forming an Inside Bar in the last hour of trading.
On the technical Chart, Nifty is seen taking support at its 200DEMA at 23,540 which is one of the crucial support levels for Nifty for the long term perspective and if it falls below this level tomorrow and faces resistance crossing it then we can say that Nifty is officially in the Bear Zone for the long term, and it’s likely that it will recover its losses this year.
Anyway, Nifty is down nearly 10% from its all-time high levels, yet there is no sign of recovery, suggesting a long-term correction and consolidation in the Index.
Following this, the RSI fell into the Oversold Zone indicating a short-term reversal in the Nifty with resistance at 23,800 level. Also, the PCR fell to 0.55 which is considered as oversold and most probably there will be a recovery in the market soon.
What to Expect from Nifty on 14 November 2024
The near-term support for Nifty stands at the 23,500 level followed by 23,300 and 23,200 levels and till Nifty trading above 23,500 or the support of 23,500 is intact, the market is expected to show us a reversal and likely to rise to 23,800 in the near term.
The Resistance for Nifty stands at the 23,700 level followed by 23,800 which was previously a crucial support for the Index but is now a strategic resistance and most probably any upside move in Nifty on Thursday will be paused at this level.
Trading Level for Nifty: 23,200 – 23,800
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 14 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,700 |
| 23,300 | 23,800 |
| 23,200 | 24,000 |
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 🙂
