The Indian stock market is expected to open slightly positive on November 19, tracking gains in global markets. Trends in Gift Nifty suggest a mild uptick, with a premium of 35 points over the previous close, indicating a possible positive start for Nifty 50.
Market Recap
On Monday, the market continued its losing streak for the seventh consecutive session.
- Sensex: Fell by 241.30 points to close at 77,339.01.
- Nifty 50: Dropped by 78.90 points to settle at 23,453.80.
Both indices are now trading below their crucial 200-day Simple Moving Average (SMA), signaling weakness.
Expert Views on Nifty 50
According to Mandar Bhojane, Research Analyst at Choice Broking:
- Support Levels: Nifty could find support around 23,200 to 23,000, which might attract buyers.
- Resistance Levels: For any upside, Nifty needs to decisively cross 23,800 to 24,000.
- Outlook: The market looks sideways to bearish in the short term.
Rupak De from LKP Securities highlighted that Nifty 50 is in oversold territory, as indicated by its RSI. A short-term recovery towards 23,700–23,800 is possible, but support at 23,200–23,300 is critical.
Dr. Praveen Dwarakanath of Hedged.in predicts that if 23,350 support breaks, Nifty could fall to 22,800. He also warns of continued weakness due to heavy call writing at 23,500, hinting at resistance.
Bank Nifty Outlook
- Monday Performance: Bank Nifty closed 184.25 points higher at 50,363.80, showing resilience compared to Nifty.
- Support Levels: Likely near 49,800–49,650.
- Resistance Levels: Expected around 50,850–51,000.
VLA Ambala, Co-Founder of Stock Market Today, advises intraday traders to use a ‘buy on dip’ strategy, while swing traders should consider a ‘sell on rise’ approach due to overall market weakness.
What to Watch For
- Key Levels for Nifty: Sustaining above 23,500 is critical. A break below 23,200 may lead to more selling pressure.
- Bank Nifty Outlook: Stronger than Nifty, but faces resistance near 51,000.
Experts recommend caution in this volatile environment, with strict risk management and a focus on key support and resistance levels.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
