Market Outlook for 21st November 2024

resr 5paisa Research Team

Last Updated: 2nd December 2024 - 03:18 pm

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Nifty Prediction for 21st November

The Nifty index broke its seven-day losing streak, closing above the 23,500 mark with slight gains. After opening on a positive note, the benchmark indices maintained upward momentum for most of the session. However, late selling pressure eroded earlier gains, and the Nifty ultimately settled at 23,518, up by 64.70 points.

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On the daily chart, the index struggled to hold above its 200-day SMA, which served as an immediate support zone. Additionally, it formed like a Doji candlestick pattern, reflecting trader indecision. The RSI momentum indicator hovers near the oversold zone, though a negative crossover persists.

Key support levels are positioned at 23,300 and 23,100, while resistance is anticipated around 23,800 and 24,000.

 

Nifty breaks seven-days losing streak, closes above 23500 with volatility 

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