Home ┬╗ Stock Market Prediction for Nifty & Bank Nifty 29th Nov 2023

Stock Market Prediction for Nifty & Bank Nifty 29th Nov 2023

The Nifty is at 19,900, the Sensex gains 204 points; there was a surge in the oil & and gas and power sectors.

Stock Market Nifty Chart Prediction.

In a session marked by volatility, benchmark indices concluded higher on November 28, with Nifty hovering around 19,900.

Closing at 66,174.20, the Sensex recorded a gain of 204.16 points or 0.31 percent, while the Nifty saw an increase of 95.00 points or 0.48 percent, settling at 19,889.70. Among the Nifty gainers were Adani Enterprises, Adani Ports, Tata Motors, BPCL, and Coal India, while Eicher Motors, Apollo Hospitals, ICICI Bank, ITC, and Cipla faced losses.

The power and oil & gas indices surged by 3 percent each, accompanied by 1 percent gains in the metal, auto, and PSU Bank indices. Conversely, selling pressure was evident in capital goods, FMCG, and pharma sectors.

Closing with a 0.3 percent uptick, the BSE midcap index performed positively, while the smallcap index ended the day on a flat note.

Prediction For Wednesday NIFTY can go up if it goes above 20000 or go down after the level of 19700 but all depends upon the Global cues.

The week commenced with a positive market tone, yet lacking sustained momentum, resulting in a mostly range-bound scenario. A sudden surge in the final session propelled the Index to close at 19,889.70, gaining 95 points. Notably, the Energy, Metal, and PSU Banking sectors were prominent contributors to the upward movement, whereas Pharma and FMCG witnessed corrective shifts.

In the broader markets, Midcaps outshone the Frontline Index, whereas Smallcaps faced relative underperformance.

The Index chart shows a strong bullish move, breaking out from a pattern called Ascending Triangle. This signals a target of 20,100. The nearest challenge is at 20000, and the support to prevent a fall is at 19,800, if passed beyond this then will go down to 19700.

Highest Call Writing at20100 (87.6 Lakhs)
Highest Put Writing at19700 (85.0 Lakhs)

Nifty Support and Resistance

Support 19800, 19700
Resistance20100, 20000

Bank Nifty Daily Chart Prediction

Prediction For Wednesday Bank NIFTY can go up if it goes above 44500 or go down after the level of 43800 but it all depends upon the Global cues.

Bank Nifty sustained the upward momentum from the previous week, closing above the 40-day moving average (43834), indicating strength. Looking ahead, Bank Nifty to aim for short-term targets around 44500. Wednesday’s outlook for Bank NIFTY hinges on global cues. A potential upward move is anticipated if it surpasses 44500, while a downward shift may occur below 43800.

Highest Call Writing at44500 (39.6 Lakhs)
Highest Put Writing at43800 (34.1 Lakhs)

Bank Nifty Support and Resistance

Support43800, 43500
Resistance44000, 44500

Also, check our Article on Spinning Top Candlestick Pattern

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