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Nifty Prediction for 21 November 2024
Nifty has formed an Inverted Hammer at the support level of 23,500 which is a bullish reversal sign for the Index.
Another Roller Coaster day for the Nifty 50 where it opened a bit of a gap up and continued to trade higher throughout the day making a day high of 23,780.65, but in the last 1 hour of trading, Nifty fell down more than 1% to the day low of 23,464.80 but managed to close the day above the 23,500 level – which is a positive sign for the market.
Nifty Prediction for 21 November 2024
Nifty has made a great comeback today after days of selling and traded higher for the day with a gain of over 1.4% from the previous closing but in the last hour of trading, it fell to the 23,500 level giving a closing at 23,518.50 along with major indices like Sensex and Bank Nifty.
On the technical chart, Nifty has formed an Inverted Hammer at the support level of 23,500 which is a positive thing for the market but it has fallen below the 200DEMA once again after facing rejection from the shorter 9DEMA indicating a strong seller presence.
Technical Indicators like RSI are still in the oversold zone trading below the 30 level which is a positive sign for the market and the Index is likely to recover in the coming sessions.
India Vix is also trading 5% lower during the day, but in the last hour, it jumped more than 11% from its low to 15.66 which indicates a fear in the market.
The nearest support in Nifty is at the 23,500 level followed by 23,400 and 23,200 levels and on the higher side, Nifty has resistance at the 23,700 level followed by 23,800 and 24,000 levels.
What to Expect from Nifty on 21 November 2024
In my opinion, Nifty is testing the support level and is likely to bounce back with momentum from here, but first, it needs to sustain above its 9DEMA and test the higher support levels like 23,800 and 24,000 for further rise and bullish outlook.
Till now, the market is still bearish, and it may fall from here towards 23,200 or even 23,000 once broke the 23,500 level or 200DEMA – so wait for the break on either side, to initiate any trade.
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 21 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,700 |
| 23,400 | 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 🙂
