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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on November 24
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Nifty 50, Sensex today: What to expect from stock market indices in trade on November 24

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,873 level as compared to the Nifty futures’ previous close of 19,875.

Nifty 50 formed a small negative candle on the daily chart with an upper shadow. (Photo: AFP)Premium
Nifty 50 formed a small negative candle on the daily chart with an upper shadow. (Photo: AFP)

The Indian stock market indices, Sensex and Nifty 50, are expected to open on a tepid note Friday, tracking muted trends in global peers. The Asian markets traded with gains while the US markets were shut on account of Thanksgiving holiday.

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The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,873 level as compared to the Nifty futures’ previous close of 19,875.

On Thursday, the domestic equity market ended a choppy session flat with the benchmark Nifty 50 holding above 19,800.

The Sensex eased 5.43 points to close at 66,017.81, while the Nifty 50 fell 9.85 points, or 0.05%, to settle at 19,802.00.

Nifty 50 formed a small negative candle on the daily chart with an upper shadow. 

Also Read: F&O Ban List: HPCL, India Cements, 7 others placed under futures & options ban for Nov 24

“Technically, this pattern indicates a continuation of range movement in the market. We also observe a rising wedge-type pattern unfolding on the daily chart in the last 4-5 sessions," said  Nagaraj Shetti, Technical Research Analyst, HDFC Securities .

He believes the short-term trend of Nifty remains choppy, while a decisive move above 19,900 levels could open doors towards new all-time highs.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50

Nifty 50 remained range bound on November 23 while encountering resistance around 19,850.

“On the hourly chart, an ascending triangle is forming, suggesting a probable upside breakout. Sentiment is anticipated to stay sideways as long as it holds above 19,700. However, a drop below 19,700 might exert downward pressure on the Nifty," said Rupak De, Senior Technical analyst at LKP Securities.

According to him, resistance at the higher end is established at 19,850, while a significant move beyond this level could trigger a rally towards 20,200 in the short term.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 24

Bank Nifty

The Bank Nifty index outperformed the benchmark and ended 128 points higher at 43,578, on November 23. 

“The Bank Nifty index maintained its sideways momentum, crucially holding the support level at 43,300, which stands as a make-or-break point for the index. The immediate hurdle for further upside is positioned at 43,700, and a breakthrough above this level is anticipated to lead to additional gains toward 44,000, where substantial call writing is evident," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Conversely, Shah believes, a breach of the support level may result in further corrective moves towards 42,800-42,700 levels.

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

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Published: 24 Nov 2023, 06:44 AM IST
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