NIFTY TECHNICAL ANALYSIS
Market Closing on Monday, November 28, 2023
The Nifty concluded Monday's trading session at 19889.70, marking a noteworthy gain of 95.00 points or 0.48 percent. The positive momentum could persist as long as the index holds above the 19850 levels.
Commencing at 19844.70, the Nifty initiated the day on a positive note. After reaching an intraday low of 19800, the index adopted a sideways trajectory. During the closing session, a surge propelled the index to test the intraday high of 19916.80 before settling at 19889.70. Except for pharma and FMCG, all sectors closed positively, with metal, PSU bank, auto, and realty emerging as the prominent gainers. The market breadth skewed negative, witnessing 1131 stocks rising, 1193 falling, and 156 holding steady.
Top gainers beneath the Nifty umbrella included ADANIENT, ADANI PORTS, TATA MOTORS, and BPCL, while notable losers encompassed APOLLO HOSP, EICHERMOT, ITC, and CIPLA.
From a technical standpoint, the Nifty remains positioned above both short-term and long-term moving averages. Momentum indicators reinforce a positive trend. Notably, the daily chart exhibits a white candle, closing above the crucial resistance of 19850. Sustaining this level could extend the bullish momentum in the days ahead, with the next short-term resistance anticipated at 20200 levels.
Intraday Levels: Support: 19875-19830-19775 Resistance: 19925-19975-20025 (15 Minute Charts)
For positional traders, short-term support is identified at 19850-19500, while resistance levels are projected at 20200-20600
BANK NIFTY UPDATE
In the most recent trading session, Bank Nifty concluded at 43880.95, securing a gain of 111.85 points. From a technical standpoint, momentum indicators strongly suggest a positive trend, with the index positioned above short-term moving averages. Notably, the daily chart exhibits a compact white candle, surpassing the previous day's close, indicating a potential continuation of the uptrend.
On the upside, intraday resistance is noted at 43950. Should the index trade and sustain above this level, the positive trajectory is likely to persist. The nearest short-term support rests at 43500 levels.
Intraday Levels: Support: 43800, 43650, 43500 Resistance: 43950, 44100, 44250 (15-Minute Charts)
Positional Trading: For positional traders, vigilance is advised around short-term support levels at 43500-42800, while resistance is observed at 44000-44650. Monitoring these levels can provide valuable insights for strategic decision-making.
