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How Nifty50 Performed Today
Nifty50 Prediction: The Nifty50 index faced a significant decline in today’s trading session, closing at 23,950.30, down by 324.60 points (1.34%). This drop aligns with broader market sentiments as the Sensex also plummeted over 1,000 points. The market’s downward trend was fueled by global economic concerns, tightening monetary policies, and regional geopolitical uncertainties.
Key sectors such as financials, IT, and energy contributed heavily to the losses, while the volatility index India VIX rose, signaling increased uncertainty.
FII and DII Performance in Nifty50
The trading session revealed contrasting approaches by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs):
- FIIs: Net sellers with an outflow of ₹11,756.25 crores, reflecting cautious sentiments amid global instability.
- DIIs: Net buyers, stepping in with inflows of ₹8,718.3 crores, indicating optimism in local markets.
This tug-of-war between foreign caution and domestic support underscores the dynamic forces shaping market trends.
Sector Performance in the Last Session
Today’s trading highlighted mixed performances across various sectors:
Top Gainers:
- Oil & Gas, Media, and Metals sectors recorded impressive gains, supported by positive momentum in cyclical industries.
Underperformers:
- IT and Banking sectors faced selling pressure, contributing significantly to the broader market’s decline.
This sectoral rotation reflects investor realignment based on valuations and growth expectations, a trend often observed during periods of heightened uncertainty.
Nifty50 prediction: Technical Analysis of Nifty50 for Tomorrow
Support and Resistance Levels
- Support: Immediate levels at 23,730.45, with stronger support at 23,560.47 and 23,470.28.
- Resistance: Key resistance stands at 24,175.35, with additional barriers at 24,343.08 and 24,467.27.
Moving Averages
- The 20-day EMA at 24,091.62 suggests a downtrend continuation.
- Trading below the 200-day EMA of 24,201.10 signals medium-term bearish momentum.
Key Indicators
- RSI: At 41.55, indicating bearish momentum but not yet oversold.
- MACD: Negative, further confirming the bearish outlook.
Outlook for Tomorrow’s Trading Session
For November 29, 2024, cautious optimism is advised. Traders should:
- Monitor global market trends and geopolitical developments.
- Watch for any breakout at 24,175.35 for potential upward movement or a breakdown below 23,730.45 for further downside risks.
Disclaimer:
Please note that technical analysis is subjective and not foolproof. This analysis is based on historical data and may not predict future market movements accurately. This analysis is for informational purposes only and should not be considered as investment advice. Please take advise from your financial advisor before investing/trading in market.
