Nifty 50, Sensex today: What to expect from the Indian stock market in November 14 trading?

Indian stock market benchmark indices Sensex and Nifty 50 are likely to have a slow start on Thursday, given mixed signals from global markets.

GIFT Nifty trends also indicate a weak start for the Indian benchmark indices. GIFT Nifty was trading around 23,620 levels, about 38 points lower than the previous close of Nifty futures.

Domestic equity indices continued to fall for the fifth consecutive session on Wednesday, with Nifty 50 slipping below the 23,600 level.

Sensex It closed 984.23 points or 1.25% lower at 77,690.95, while the Nifty 50 fell 324.40 points or 1.36% at 23,559.05.

Nifty 50 formed a long bear candle on the daily chart, making a new low of 23,509 levels.

“This pattern is reflecting strong selling momentum in the market. Negative chart patterns like lower tops and lower lows are intact and Nifty 50 is currently placed at lower lows to form a new lower bottom of the sequence (lower low reversal should be confirmed with an upward bounce), “said Nagaraj Shetty, Senior Technical Research. Analyst at HDFC Securities.

According to Shetty, the important lower support of 200-day EMA (Exponential Moving Average) has been tested around 23,550 levels on Wednesday and there has been no significant improvement from close to the moving average support for the day.

“Earlier, on some previous occasions (October 23 and June 24), nifty 50 A significant downside reversal was seen near the said MA support. The short-term trend of Nifty 50 is sharply down. If the market decisively moves below 23,500 levels, the next downward trajectory around 23,000 levels can be expected in the near term,” Shetty said.

What to expect from Nifty 50 and Bank Nifty today:

nifty option data

In the derivatives market, Nifty Open Interest (OI) data revealed the highest Call OI at 24,200 and 24,300 strike prices, while the highest Put OI at 23,000 and 22,800 strikes, indicating key levels to watch.

Market participants, including long-term and short-term investors, are advised to accumulate quality stocks at lower levels or buy on dips with prudent risk management for potential long-term gains, said Mandar Bhojne, Research Analyst, Choice Broking. Consider it.

nifty 50 prediction

The sharp decline in Nifty 50 continued and closed with a fall of 324 points on November 13.

“Nifty 50 index has slipped sharply due to strong selling by key players. Nifty has fallen towards its 200-DMA, breaking the support level of 23,800. Immediate support now lies at 23,500, and a fall below this level could lead to further correction towards 23,300 – 23,200. On the higher end, resistance is located at 23,750,” said Rupak Dey, senior technical analyst at LKP Securities.

VLA Ambala, co-founder of Stock Market Today, said the Nifty 50 is trading close to its 200-day EMA, 10% below its all-time high.

“However, the current momentum suggests a further decline of 3-5%. In such a situation, I would advise investors to adopt the strategy of ‘selling on rise’. Notably, the RSI has fallen on the daily and weekly charts. However, it remains above 64 on the monthly charts, indicating room for a bears cartel. Amid these market developments, Nifty can expect support around 23,460 and 23,200, while resistance lies near 23,850 and 23,940,” Ambala said.

Dr. Praveen Dwarkanath, Vice President, Hedged.in, highlighted that the momentum indicators in the weekly and daily charts are in the oversold zone, and a huge bounce can be expected from the current levels.

“The index has broken the Head and Shoulders pattern and closed below the neckline, indicating a possible decline, however, it could also be a false breakout. Dr Dwarkanath said, ‘Option writer data for monthly expiry showed a short squeeze in ITM puts at 24,000 levels, which led to a sharp decline in the index after breaking the support at 23,800.’

bank nifty prediction

The Bank Nifty index fell 1,069.45 points or 2.09% to close at 50,088.35, forming a long bearish candlestick pattern on the daily time frame.

,bank nifty The huge decline signaled the formation of a bearish candle near the 200 period MA at 49,900 on the daily chart. On the downside, the next major support is at the 200 DMA level of 49,700, which needs to be held for the overall trend to remain intact. The daily range for Bank Nifty will be at 49,500 – 50,700 levels,” said Vaishali Parekh, vice president of technical research at PL Capital Group.

Dr. Praveen Dwarkanath said that Bank Nifty broke its support at 51,000 and closed below that.

“Immediate support is now near 50,000, which was also closely tested, however, towards the end of the session, the index recovered, indicating the possibility of a dead cat bounce from the current levels. Momentum indicators are in the oversold zone, which could also be a reason for a small bounce from the current levels,” Dwarkanath said.

He said, monthly expiry options writer data has seen an increase in writing of calls at 50,500 and above levels, indicating weakness in the index.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We recommend investors to check with certified experts before taking any investment decision.