In Stock market today, Nifty crossed the 19,500 mark but finally ended flat whereas Bank Nifty ended above 44650; both the indices broadly ended in Flat
Stock Market Nifty Chart Prediction.
The Nifty experienced a significant event as it reached a new record high of 19567, indicating strong bullish momentum initially. However, due to selling pressure, it couldn’t sustain the gains and ended the day with a notable decline. This indicates a reversal in sentiment and increased market volatility.
The bearish crossover observed in the daily Relative Strength Index (RSI) further supports the notion of a shift towards bearish sentiment. The RSI is a technical indicator that measures the strength and speed of price movements. A bearish crossover suggests that selling pressure has increased, potentially leading to further declines in the short term.
Currently, the trend in the Nifty appears to be sideways, indicating a lack of clear direction in the market. This sideways trend can be attributed to the conflicting forces of buying and selling pressure. Traders and investors may find it challenging to predict the future movement of the market due to this uncertainty.
In terms of support and resistance levels, support is expected around 19300, which means that if the Nifty falls further, it might find some buying interest at this level. On the other hand, resistance is seen at 19600, indicating a price level where selling pressure might intensify.
It’s important to note that the information provided is based on the given scenario, and actual market conditions may vary. It’s always recommended to consult with a financial advisor or conduct thorough market analysis before making any investment decisions.
For Tomorrow NIFTY can open Flat with a slight positive bias.
There are good chances of a slight Gap up to a flat opening tomorrow as NIFTY has crossed its crucial Level of 19,500 and closed just below the same. If Nifty gives a Gap Up opening, it may move to its All-Time High Record. But all these aspects depend upon the Global cues as well but today US market could be positive as the CPI data is better the expected.
For Tomorrow nifty has strong support at 19300 and 19600 will act as major resistance
Bank Nifty Daily Chart Prediction
Bank Nifty has been correcting for the past few weeks, and is now trading in a downward sloping channel. The index has reached the lower end of this channel, which is also the 50% Fibonacci retracement level (44600). This level is likely to attract buying interest, and we expect Bank Nifty to start recovering from here.
Overall, Bank Nifty has reached a crucial support zone of 44500. One can keep close eye on Bank Nifty as it is in strong support zone. However, we need to see a sustained move above 45000 before we can become more bullish.
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