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Nifty Prediction for 29 November 2024
Nifty opened flat, peaked at 24,345.35, but closed down over 300 points due to sector declines. It fell below the 24,000 mark, indicating bearish sentiment and potential recovery.
Nifty opened flat today and traded flat in the opening but after a sudden rise it faded away and following the resistance of 24,350 it fell down towards the 23,900 level which is near a 2% fall from the day’s high.
Today Nifty touched the Intraday high of 24.345.35 and following the fall in Nifty IT and Auto sector it fell into the red zone during the day and continued to trade in the red zone forming a falling channel where it closes the day with a loss of over 300 points or more than 1.30% loss.
Nifty Prediction for 29 November 2024
On the technical chart, after a range formation and trading in that range for three days, Nifty broke the lower support level of the range and fell 300 points after being rejected from the 100DEMA level.
After a sharp recovery at the start of this week, the Nifty looks positive but today’s fall in Nifty indicates a coming fall.
As Nifty broke the resistance of 24,000 and closed below this level at 23,959.55, which is a negative sign for the for the index and till it rises above 24,000 and sustains above that level the market will remain bearish.
Technical indicators like RSI fell sharply indicating a bearish trend while the MACD still indicates a bullish market, but it is like a correction after a sharp rise. Also, the India Vix didn’t rise too much indicating a correction as of Now.
Nifty has its nearby resistance stands at the 24,000 level followed by 24,200 and 24,350 levels, while the support stands at the 23,800 level followed by the 23,500 level.
What to Expect from Nifty on 29 November 2024
So, till the market is below the 24,000 level, Nifty is anticipated to remain bearish as today’s fall and a falling channel created a bearish sentiment in the market. So wait for the market to rise above 24,000 and then it will likely rise further.
For Friday, Nifty is likely to fall again towards the 23,800 level and it might take support the upper trendline of the falling channel as shown in the Image above and then start to rise again.
So for 29 November, we are expecting a rise in the market after a fall towards the 23,800 level.
Trading Level for Nifty: 23,800 – 24350
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 29 November 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,800 | 24,000 |
| 23,500 | 24,150 – 24,200 |
| 23,200 | 24,350 |
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 🙂
