Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction for 19 November 2024
Nifty50 continued to fall for the 7th straight day in a row - falling below the 200DEMA which indicates a bearish market, but as the RSI falls in the Oversold zone there might be a recovery in the Nifty soon.
Indian Benchmark indices opened higher but fell immediately after the opening and started trading in red where Nifty50 takes multiple support at 23,350 and closes the day with a loss of 78.90 points or 0.34% where the IT indices saw the most decline with a loss of over 2% followed by Oil and Gas and Healthcare sector.
Talking about the Index, the Nifty50 continued to trade lower for the 7 day in a row which is a rare situation and as it falls below the 200DEMA, it is officially in the bearish zone.
Nifty Prediction for 19 November 2024
On the daily chart, Nifty formed a Bearish Belt Hold candlestick which is a bearish candlestick after the formation of a Gravestone Doji indicating a potential bearish continuation in the coming days.
Also, it faces resistance from the 200DEMA which is again a bearish signal for Nifty50, and likely, the Index will fall to 23,200 on Tuesday if it breaks the support of 23,400 in the early trading session.
But – But – But the RSI on the daily chart falls below 30 which is an Oversold condition and likely the index will see a bounce back from here, but it needs to sustain above the 23,400 support level for any positive move.
What to Expect from Nifty on 19 November 2024
Nifty is currently in the Oversold zone and as it has fallen below the 200DEMA the Index is now very bearish and this is where the reversal happens – so most likely there will be a reversal in the Index on Tuesday 19 November 2024.
The immediate support for Nifty is at the 23,400 level followed by 23,200 and 23,000 levels, whereas on the higher side, the immediate resistance is at the 23,540 level (which is its 200DEMA line) followed by 23,800 and 24,000 levels.
For any bullish move in the market, first Nifty needs to break above the 200DEMA which is at the 23,538 level, and once Nifty breaks above this level and sustains here, then we can see some recovery in the market in the coming days.
But if Nifty falls below the 23,400 level and faces resistance crossing it, then we may see Nifty at 23,200 tomorrow.
Trading Level for Nifty: 23,200 – 23,800
Also Read:
Nifty Support and Resistance for 19 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,400 | 23,500 |
| 23,200 | 23,800 |
| 23,000 | 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 🙂
