{
}
Indian frontline indices ended their two-session gaining streak on Friday, with the S&P BSE Sensex down 720.60 points at 79,223.11 and the Nifty down 183.90 points at 24,004.75, primarily affected by bank, IT, and pharma stocks. Rupak De from LKP Securities noted that the Nifty's failure to break above the 50 EMA led to a market correction, although positive sentiment remains as it closed above 24,000. He indicated potential upward movement towards 24,200–24,220, while a drop below 24,000 could see it fall to 23,700. Five stock recommendations for Monday include buying JTEKT India, KIMS, and IREDA, each showing bullish patterns and positive momentum indicators.
The Nifty 50 opened strongly at 24,254 following the BJP-led Mahayuti's victory in Maharashtra, closing at 24,222, up 315 points or 1.32%. With 24,000 as a key support level, immediate resistance is at 24,400, while the RSI indicates a bullish trend, suggesting positive sentiment and potential buying opportunities.
The Nifty 50 experienced a significant rebound, closing at 23,907, up 557 points or 2.39%, marking its largest single-day gain since June 5. The index surpassed the key resistance level of 23,800, with immediate targets set at 24,000 and 24,500, while support levels are identified at 23,750 and 23,550. Positive momentum is indicated by the RSI entering a bullish crossover, suggesting a favorable sentiment for a short-term rally.
The Nifty 50 closed at 23,519, marking its first gain in eight sessions, but remained below the crucial 200-day EMA of 23,541 amid geopolitical tensions. A Gravestone Doji pattern suggests bearish sentiment, yet a hold above 23,350 could indicate a bullish reversal, with resistance at 23,800. Options data points to a short-term range of 23,000–24,000.
More than 50% of stocks across major Indian indices have fallen below their 200-day moving average amid a market correction, with over 400 stocks experiencing significant declines. Analysts advise caution, particularly with low-volume stocks, while suggesting that fundamentally strong companies may find support at this level. Foreign investors have offloaded substantial amounts, contributing to the bearish sentiment, as concerns over geopolitical tensions and weak earnings persist.
The Nifty 50 extended its downtrend for the seventh consecutive session, closing at 23,454, down 79 points, and forming a bearish candlestick pattern. The index may test 23,200, coinciding with the 50-week EMA, while resistance is seen at 23,600–23,800. Despite the RSI indicating oversold conditions, a sustained rebound seems unlikely amid prevailing bearish sentiment.
More than 100 small-cap stocks experienced declines of 10-26% as major indices fell over 4%. The BSE Sensex dropped 1,906.01 points (2.39%) to close at 77,580.31, while the Nifty50 fell 615.5 points (2.5%) to finish at 23,532.70, amid profit booking and concerns over inflation. Support for the index is at 23,450, with resistance at 23,650, framing the short-term trading range.
The Nifty 50 continued its downtrend, closing at 23,533, marking its lowest since June 21, and forming a Gravestone Doji candlestick pattern, indicating bearish sentiment. Experts suggest that if the index falls below the 200-day EMA of 23,542, it could target 23,200, while immediate resistance is seen at 23,800. A "sell on rise" strategy is recommended as the index remains in an oversold zone.
The Nifty 50 index faced selling pressure, closing at 24,205 after a decline of 136 points, as it traded within the 24,100-24,500 range amid caution ahead of the US elections on November 5. A break below 24,100 could lead to further declines towards 24,000-23,900, while resistance remains at 24,500.
The Nifty 50 closed down 0.5% at 24,341 amid rangebound trading, struggling to break the 24,500 resistance level, which aligns with the 100-day and 10-day EMA. Key support is seen at 24,250 and 24,000, while volatility has reached a two-and-a-half-month high, raising caution among bulls. A decisive breakout from the 24,250-24,500 range is anticipated to provide direction for the index.
Rupak De
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Indian markets decline as bank IT and pharma stocks weigh down indices
10:51 05.01.2025
Nifty 50 rallies on election victory with bullish momentum signals
13:01 25.11.2024
Nifty rebounds sharply as market sentiment turns positive amid resistance levels
12:26 22.11.2024
Nifty struggles to break 200 DEMA amid geopolitical tensions and profit booking
13:06 19.11.2024
Indian stocks face significant declines as market correction deepens
United States Dollar
Indian Rupee
LKP Securities Ltd.
Samco Securities Ltd.
WealthMills Securities
USA
IND
Rupak De
Om Mehra
Kranthi Bathini
Show more
05:01 19.11.2024
nifty struggles below key resistance as bearish trend continues
12:29 18.11.2024
small caps plunge as indices decline amid profit booking and inflation concerns
10:20 16.11.2024
Nifty faces potential decline as bearish sentiment persists near key support level
12:30 14.11.2024
Nifty faces selling pressure ahead of US elections as caution prevails
12:17 31.10.2024
Nifty struggles to break resistance as volatility prompts caution among investors
12:58 30.10.2024
Trending
Subcategory
Corporate News
Startups & Entrepreneurship
Economic Indicators
Global Trade Developments
Market Analysis and Predictions
Countries:
Companies:
Currencies:
People: