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Nifty Prediction for 28 November 2024
Indian Benchmark indices saw the rise where Nifty 50 rise by 80 points led by Commodities sector. The index faced resistance near 24,350 and found support at 24,150. With positive technical indicators and bullish FIIs, volatility is expected on 28 November, and Nifty could reach 24,500.
Indian Benchmark indices traded in the green today, where the Nifty 50 rose higher after a flat opening, and closed the day with a gain of 80 points, or 0.33 percent led by the Energy and Commodities sector.
After a flat opening Nifty traded in a rage in the first couple of hours where it took support at the lower level of the range which is 23,150 and after rising during the day it faces resistance from the day near the 24,350 level.
Nifty Prediction for 28 November 2024
Once again Nifty has faced resistance from its 100DEMA and despite rising higher towards 24,350 it fell down and closed the day at 24,274.90 which is a 0.33% rise from the previous closing.
On the technical chart, Nifty is currently trading in a range, where resistance stands at 24,350 and the support is at the 24,150 level.
While on the daily chart, technical Indicators are giving a positive signal where the RSI is rising along with the MACD and PCR where the PCR rises to 1.03 which is a bullish signal for Nifty50.
In the cash market, we have a bullish signal from the FIIs as they are now the net buyers after months of continuous selling which is again a positive indicator for the market.
Nifty has nearby support at the 24,150 level followed by the 24,000 and 23,800 levels while the resistance is at the 24,350 level followed by the 24,500 and 24,800 levels.
What to Expect from Nifty on 28 November 2024
So, for Thursday we are expecting a high volatility day, as tomorrow is the weekly expiry of the Nifty50 and likely the Index will trade within the range of 24,150 and 24,350.
But it is also likely that the Index will break the resistance level and rise higher then we have the next target at the 24,500 level for Nifty, but if it breaks below the support level of 24,150 then 24,000 might provide some cushion to Nifty50.
Trading Level for Nifty: 24,000 – 24,800
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 28 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,200 | 24,500 |
| 24,000 | 24,800 |
| 23,800 | 25,000 |
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 🙂
