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Nifty Support and Resistance Levels For 21st Nov 2024I’ve created a chart highlighting the key support and resistance levels for #Nifty, designed to help traders make informed decisions. These levels provide critical insights for understanding potential price movements, enabling traders to identify ideal entry and exit points. Use these levels to gain a clearer perspective on Sensex trends and optimize your trades with greater confidence. Remember, these levels serve as guidance, so always combine them with your own analysis and risk management.
NSE:NIFTYLong
by Prabhu2020
Understanding Nifty's Recovery The Role of Mean ReversionInitial Recovery: Volume Surge: A significant increase in buying volume accompanied the recovery. This indicates strong interest, likely driven by short covering or fresh buying momentum. EMA Alignment: The price moved above short-term moving averages (EMA 20/50), signaling bullish sentiment and attracting intraday buyers. Breakout Momentum: The sharp move above key resistance levels triggered additional buying, creating a rapid upward rally. Why Recovery Failed: Overextension from EMAs: During the rally, the price moved sharply away from short-term moving averages, creating an overbought condition. Weak Follow-through Buying: After the initial surge, buying interest waned at higher levels, indicating a lack of conviction among bulls. Volume Divergence: While the initial rally showed strong volume, subsequent price action displayed declining buying pressure. Selling Pressure: As the price stagnated, sellers took advantage of the overextended condition, initiating a reversal. Sell-off Trigger: Break Below EMAs: The fall below the EMA 20/50 acted as a key bearish signal, triggering stop-losses for long positions and accelerating the decline. Increased Selling Volume: The sell-off was accompanied by a noticeable spike in volume, reflecting strong bearish conviction. Psychological Levels: As the price approached key support zones, it failed to hold due to intensified selling momentum. Concept of Mean Reversion: Mean reversion is a statistical concept suggesting that prices and returns eventually gravitate toward their historical average (mean). Here’s how it applied in this scenario: Overextension from the Mean: During the recovery phase, the price moved significantly away from the EMA 20/50, indicating an overbought state. Such conditions often lead to exhaustion as buyers hesitate to sustain higher prices without strong underlying support. Reversion to the Mean: Once selling began, the price moved back toward the EMAs, which acted as dynamic mean levels. The gap between the price and the mean narrowed as the market sought equilibrium. Implications for Traders: Rapid rallies or declines often revert back to mean levels unless driven by strong fundamental or macroeconomic triggers. Identifying overbought or oversold conditions relative to the mean can provide opportunities for counter-trend trades. Key Takeaways: Nifty’s initial recovery was driven by short-term bullish momentum but lacked sustainability due to weak follow-through buying. The inability to sustain higher levels was due to resistance, declining volume, and natural mean reversion tendencies. Traders can use moving averages as dynamic mean levels to identify overextension and potential reversal zones. As a concept market mostle\y reverts to its mean levels. That are Pivot level P if it overextends.
NSE:NIFTY
by Rishabh1100
Nifty 50 - Short-Term Relief Rally in Progress?Analysis: Nifty 50 seems to be showing signs of recovery after a correction phase, with a potential inverse Head and Shoulders pattern indicating a bullish reversal. The neckline near the 23,700 level appears crucial, and a sustained breakout above this level could drive the index towards 24,042 and 24,461 in the coming weeks. Key support levels to watch are 23,327 and 22,755 , as they represent areas where buyers might step in. Meanwhile, the RSI indicates that the index might be exiting the oversold zone, adding weight to the recovery thesis. A zig-zag consolidation can be expected before a sharp move higher, as shown by the projected trajectory. A breach of 24,816 could signal a strong rally toward 25,600 and beyond .
NSE:NIFTYLong
by AngshumanSaikia
Nifty Start of Week Pre Market Report for November 18 - 22, 2024Nifty closed the previous week with a strong Bearish candle continuing the bearish sentiment that has been prevailing in the markets from 30th September, 2024. As we can see in the Daily Charts, there has been continuous selling each week. We have already witnessed 2 complete legs of selling from the top. I believe we could be now in the 3rd leg of selling. There could be up to 5 legs of selling. By that logic, 22,000 level could see a strong support in the coming weeks. Presently, Nifty is taking support at 200 DEMA. There could be a mild bounce from this zone. However, I feel that that too would get taken out in a couple of days with a strong Bearish Daily candle (O=H type candle) which would lead the market to 22,900 zones. All Nifty sectors continue to be weak barring the IT and Pharma. Globally, all the markets continue to be weak except for The Australian markets, The Chinese Markets and the Hang Seng. For this Week, Nifty could trade in the range between 24,330 to 23,200. Stay tuned for Intraday updates as and when good set ups happen.
NSE:NIFTYShort
by Sky_Tracer
In Depth Analysis for Nifty 50 Index (1-Hour Chart)Symbol: Nifty 50 Timeframe: 1-Hour --- Technical Analysis: The Nifty 50 index is currently trading at 23,559.60, moving within a well-defined downward-sloping channel. The price is nearing a crucial support zone (23,480-23,570), which could act as a potential area for a short-term bounce. However, the overall trend remains bearish unless a breakout occurs above the resistance levels. --- Key Observations: 1. Trend: The index is clearly in a downtrend, forming lower highs and lower lows within the channel. The bearish sentiment remains dominant. 2. Support & Resistance: Immediate Support: 23,480-23,570. A breakdown below this level could lead to further downside toward 23,200. Immediate Resistance: 24,070-24,540. These levels correspond to the midline and upper boundary of the channel. 3. Volume Analysis: Declining volumes on the recent down move indicate a potential loss of selling momentum, suggesting the possibility of a short-term pullback. 4. Potential Reversal Zone: A break above 24,070 could trigger a short-covering rally, pushing prices toward 24,540. --- Trade Setup: 1. For Bulls: Entry: Consider going long near 23,480-23,570, provided there are bullish reversal signals like a hammer or bullish engulfing candle. Target: 24,070, and an extended target of 24,540. Stop Loss: Below 23,450, to minimize downside risk. 2. For Bears: Entry: Look for shorting opportunities on rejection near 24,070 or at the channel’s upper boundary (24,540). Target: 23,480 and further downside to 23,200. Stop Loss: Above 24,600. --- Potential Scenarios: 1. Bullish Breakout: A decisive close above 24,070 will confirm a breakout from the channel, opening doors for a move toward higher levels. 2. Continuation of Downtrend: If the index fails to hold the 23,480 support, it could continue its bearish trajectory to 23,200.
NSE:NIFTY
by TradeAXN
#nifty50 analysis for upcoming week 18-22nd Nov 2024Nifty Takes a Beating: A Deep Dive Last week, the Nifty 50 index experienced a significant downturn, closing at 23,532, a 600-point drop from the previous week's high of 24,336. The index breached the crucial support level of 23,550, dipping as low as 23,484. Currently hovering near its 50-week exponential moving average (50WEMA) at 23,230, the Nifty is expected to consolidate within a range of 23,100 to 24,000 in the coming week. Wednesday our markets will be closed due to Maharashtra elections so volatility will be high. As previously highlighted, the monthly chart has weakened, and its impact is already evident. A further correction seems likely before a sustainable bottom is formed. A breach of the 23,250 support level could trigger a deeper correction of 7-7.5%, potentially taking the index down to 21,555. To resume its upward trajectory, the Nifty needs to convincingly close above 24,500 on consecutive days. The S&P 500 also faced rejection from a critical Fibonacci level of 6,013, resulting in a 2.7% correction to 5,870. A breach of this week's low of 5,853 could lead to an additional 1.2% decline to 5,783. Such a move could intensify selling pressure in global markets, including India.
NSE:NIFTYShort
by ssudhirsharma11
Nifty at cross road of critical support. Nifty this week gave a closing at 23532 a fraction below 200 days EMA or Father line which was at 23542. It will be imperative for Nifty to close above it within next week for bulls to get out of jail. Closing above 23542 will not be enough as there are many more hurdles to cross for Nifty once it scrambles above 200 days EMA. If the Nifty is not able to cross above the 200 day's EMA by any chance next week the down side supports for Nifty will be at 23360, 23054 and 22819. Out of these 3 levels, 22819 is the most important support as it is the channel bottom support. This current channel in which Nifty is travelling initiates from May 22. Which means it is a pretty solid final support below which there can be a free fall into intense bear territory. In this case bears can drag Nifty further down to 21840 or 21264 levels. On the positive side the resistances for Nifty remain at 23864, 24265, 24565 (Major resistance 50 days EMA) followed by 24796 and 25436 levels. Above 25436 we can see a pure Bull Market again. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Key Technical Analysis of Nifty50: Upcoming TrendIntroduction: Understanding key support and resistance levels is essential for traders and investors looking to capitalize on market movements. This article provides an in-depth analysis of the Nifty50 index's weekly chart, highlighting essential price levels and trends that indicate potential bullish or bearish movements in the coming months. With Nifty's recent performance, it is crucial to evaluate these technical levels to identify future price action possibilities. 1. Previous Resistance Turned Strong Support Nifty previously broke out of a strong resistance level around the 19000 mark, which now acts as robust support. This previous resistance level, marked with a red zone, signifies a major price zone that could halt potential downward movements, providing a solid foundation for buyers if Nifty pulls back to this level. 2. Support Trend Line and Bullish Continuation A support trend line, indicating an ongoing bullish trend, extends from early 2023 to the current date. This trend line has been a crucial indicator of the index's positive momentum, providing support on multiple pullbacks. As long as Nifty respects this trend line, it could continue its bullish trajectory, making this level ideal for those looking to enter long positions. 3. The Key Support Zone at Last Swing Low A major support zone sits around the 21000 level, marked by Nifty’s last swing low. This green zone is a significant area of buying interest. If the index begins a downward correction, this support zone will be closely watched by traders looking for signs of reversal or continued decline. 4. Trend Reversal Zone and Bearish Potential If Nifty breaks down below the support trend line, it would signal the potential start of a bearish trend. Sellers could see this as an opportunity to enter short positions, especially if the breakdown is accompanied by strong volume. This area is essential for risk management, as a trend line breakdown could lead to a decline toward lower support levels, such as the 21000 zone or even further to 19000. 5. Reversal Confirmation and New Highs On the upside, a reversal confirmation near the current support trend line could signal a renewed bullish push, with the possibility of Nifty making new highs. If this reversal takes place, it would present an attractive opportunity for long-term investors and buyers aiming for a rally continuation.
NSE:NIFTY
by TradZoo