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Nifty Prediction for 18 November 2024
Nifty is taking support at the 200DEMA line which is near the 23,500 level and as it formed a Spinning bottom on the daily chart, and a hammer on the hourly chart, indicates a coming bullish reversal in Nifty50.
Indian benchmark indices opened lower today but soon started rising amid volatility because of the weekly expiry of the Index but soon it faded and fell down after making an intraday high of 23,675 – and continuously taking support at the 23,500 level, closing the day in red with a loss of 0.11% or 26.35 points.
It continued to trade lower for the 6th straight session, where it fell nearly 4% during these six days led by merciless selling by FIIs, as the FIIs have already sold shares equivalent to 1.2 lakh crore rupees since the September highs – which created chaos in the market and most of the investors are selling in panic.
To date, the Index has fallen more than 10% from its highest levels with most of the selling in the FII’s heavy stocks. Today most of the sectors are trading in green with a minor gain while the PSU stocks continued to slide.
The FMCG sector sees the most decline today with a loss of 1.52% while the realty sector rises over 1% followed by Auto Sector.
Nifty Prediction for 18 November 2024
Today’s session summarizes that the Nifty has continued its downward movement for the 6th straight day in a row – taking support at the 200DEMA which is the 23,500 level.
On the technical chart, Nifty has formed a Spinning Bottom Candlestick on the 200DEMA which is a crucial support for Nifty at the 23,500 level and most likely the Index is preparing for a recovery and a bounce back.
The market has already corrected 10% to date from its all-time high levels and it is more likely that the Nifty will try to recover some of its losses on Monday as it forms a Spinning bottom candlestick pattern on the daily chart on the support level which is mostly a Bullish Reversal Candlestick pattern to the resistance level of 23,800 along with a Hammer Candlestick on the hourly chart.
So now, we have two Bullish Reversal Candlesticks on the Chart, The first one is Hammer on the hourly chart, and the second one is Spinning Bottom on the Daily chart, along with this, Nifty will likely try to break its six-day losing streak, which is again a positive sign for the market.
Till Nifty crosses and sustains above 23,800 – the market is expected to remain bearish and it will slide anytime towards the support of 23,350 which is a key support in June month.
The RSI has now fallen to the oversold zone indicating a Reversal in the market soon. Also, the India vix fell more than 4% today – indicating a positive sentiment in the market.
On the hourly chart, the Nifty has already formed a Hammer candlestick and rises upwards, which suggests a buyback in the market on Monday.
Hence, we can better look for buying opportunities on the support levels.
What to Expect from Nifty on 18 November 2024
Nifty has support at the 23,500 level which is its 200DEMA followed by 23,200 and 23,000 levels and till the support of 23,500 is intact, we can look for Buying opportunities on the support levels as the market has arrived at the oversold zone and there might be a recovery in the market soon.
while on the upper side, the Nifty has immediate resistance a the 23,800 level followed by 24,000 and 24,200 levels and till the Nifty crosses and sustains above the 23,800 level – be cautious in making long positions.
Trading Level for Nifty: 23,200 – 23,800
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 18 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,800 |
| 23,200 | 24,000 |
| 23,000 | 24,200 |
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 🙂
