The Nifty 50 and Bank Nifty saw a rebound on November 19, with the Nifty closing at 23,519, up 65 points, while Bank Nifty surged 263 points to 50,627. However, both indices faced selling pressure at higher levels.

The Nifty approached the critical 23,800 mark, which represents the 50 percent Fibonacci retracement from the June low to the September record high. Analysts suggest that if the Nifty sustains below the 200 DEMA at 23,541, it could decline towards 23,200.

As for Bank Nifty, the 10 DEMA around 51,000 is important for a potential rally towards the 51,500–52,000 range. However, if it falls below 50,300, which is the 50 percent Fibonacci retracement level, it may drop towards the 200 DEMA at 49,900.

The market breadth was positive, with 1,628 shares advancing against 846 declining on the NSE, indicating a favorable trading environment despite the challenges at key resistance levels.