NIFTY TECHNICAL UPDATE - November 22, 2023
As of the market close on Tuesday, November 21, 2023, the Nifty concluded the trading session at 19783.40, registering a gain of 89.40 points or 0.45 percent. To sustain the prevailing bullish momentum, it is imperative for the index to surpass the 19815 level.
Initiating the day positively, the Nifty opened at 19770.90 and maintained its positive trajectory, reaching an intraday high of 19829 before settling at 19783.40. Noteworthy sectoral performers included metals, realty, media, and pharma, whereas PSU banks, IT, and FMCG experienced declines. Market breadth reflected positivity, with 1203 stocks advancing, 1088 declining, and 200 remaining unchanged.
Among the top gainers under the Nifty umbrella were SBILIFE, HDFCLIFE, ADANIENT, and HINDALCO, while COALINDIA, ONGC, BPCL, and LTIM faced significant losses.
From a technical standpoint, the Nifty continues to hover above both short-term and long-term moving averages. Momentum indicators reinforce a positive trend, and the formation of a small white candle on the daily chart, coupled with a close above the recent high, suggests the potential for an extended uptrend. Intraday resistance is anticipated at the 19815 level, and breaching this could sustain the positive trend. Immediate intraday support is identified at 19750 levels.
Intraday Levels: Support: 19750-19675-19610 Resistance: 19815-19875-19950 (15 Minute Charts)
For positional traders, short-term support levels stand at 19500-19233, with corresponding resistance noted at 19850-20200. Keeping a watchful eye on these levels is advised for a comprehensive trading strategy.
BANK NIFTY UPDATE
In the recent trading session, Bank Nifty concluded at 43683.15, recording a gain of 104.20 points. Analyzing the technical aspects, momentum indicators are signaling a positive trend; however, the index remains positioned below the short-term moving averages.
While the index formed a black candle, it closed above the previous day's close, suggesting the potential for an uptrend. The critical short-term support is identified at 43500, and if the index maintains levels above this threshold, the positive momentum may persist in the coming days. The immediate intraday resistance is at the 43850 level.
Intraday Levels: Support: 43635, 43465, 43300 Resistance: 43850, 44065, 44200 (15-minute charts)
For intraday traders, these levels provide valuable reference points. Meanwhile, positional traders are advised to monitor short-term support levels at 43500-42800, with resistance expected in the range of 44000 to 44650. Staying attuned to these levels can inform a strategic approach in navigating Bank Nifty movements.
