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 22 November 2024
Nifty50 opened lower, influenced by declines in sectors like Metal and Oil&Gas, closing at 23,349.90, down 0.72%. Adani stocks faced heavy losses due to bribery allegations against Gautam Adani. Nifty shows support at 23,200 and resistance at 23,500 and a bullish trend is anticipated if stability continues.
Once again market opened lower and continued to lower for the day, where Nifty50 faces resistance from the 23,500 level which is near its 200DEMA line, due to a fall in the Metal, Oil&Gas, Energy, and commodity sectors.
Today the Adani Stocks tumble with an average of 20% each where the top loser is Adani Enterprises which fell nearly 23% during Intraday after a bribery allegation against Gautam Adani in the US.
As today is the weekly expiry of the Index, higher volatility is expected but Nifty50 didn’t see much volatility and traded flat after falling in the early session, and gives closing at 23,349.90 level which is 0.72% or 168 points lower than the previous closing.
Nifty Prediction for 22 November 2024
On the daily timeframe, Nifty50 formed a Bearish Belt Hold Candlestick-like pattern which is a bearish pattern, by the way, indicates a further bearishness in the market towards the support level of 23,000.
Anyway, after an aggressive selling in the Adani stocks along with Oil & Gas companies in the early trading session, Nifty fell to the 23,250 level but somehow managed to bounce back and close above 23,300 which is a crucial level for Nifty in the short term.
The RSI on the daily timeframe is still trading in the oversold zone which indicates a bounce back in the market anytime soon, but as it continues to fall, it is expected that the market is waiting for any event to show some upside movement.
Nifty has nearby support stands at the 23,200 level and below this level, it has support at the 23,000 level followed by the 22,800 level which is the swing high of the April month.
On the higher side, it has resistance at the 23,500 level which is its 200DEMA line, and till Nifty crosses above the 200DEMA line, the Index remains bearish, followed by the 23,800 level and 24,000 levels.
What to Expect from Nifty on 22 November 2024
If Nifty followed today’s movement it is expected that tomorrow will be a positive day for the market, as the Index remains stable throughout the day after early volatility, indicating a strength in the market.
While there is a war on the head, the market is likely to react much faster than news, in case of any major event, but if everything goes well, Nifty is likely to rise on Tuesday, as the PCR also rises to 0.81 which is a bullish indication – towards 23,500 and next 23,800 levels.
Trading Level for Nifty: 23,000 – 23,800
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 22 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,200 | 23,500 |
| 23,000 | 23,800 |
| 22,800 | 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 🙂
