On Friday, November 15, 2024, Nifty50 performed relatively flat on Friday, November 15, 2024, with a slight decline of -0.11% to close at 23,532.70, which is 26.35 points lower than the previous day. This minor drop was observed amidst the market’s overall activity.
On Friday, November 15, 2024, Foreign Institutional Investors (FII) displayed a net outflow of ₹29,533.17 crores from the Indian markets. Their gross purchases stood at ₹108,846.37 crores, while gross sales amounted to ₹138,379.54 crores. Conversely, Domestic Institutional Investors (DII) showed a net inflow of ₹26,522.32 crores, with gross purchases of ₹108,274.32 crores and gross sales of ₹81,752.00 crores.
Several sectors in the Nifty50 index experienced fluctuations. Here are the top-performing and underperforming sectors:
Top-Performing Sectors:
- Software & IT Services: showed a slight decline of 0.08%
- Finance: remained neutral with a market capitalization of 3,326,672 crores
Underperforming Sectors:
- Banks: declined by 0.14% with a market capitalization of 4,877,894 crores
- Automobile & Ancillaries: fell by 0.71% with a market capitalization of 3,142,855 crores
- Healthcare: declined by 0.26% with a market capitalization of 2,793,606 crores
- Oil & Gas: fell by 0.48% with a market capitalization of 2,609,145 crores
- Metals & Mining: declined by 0.26% with a market capitalization of 2,047,297 crores
Technical Analysis of Nifty50:
As we head into the next trading session, Nifty50 finds itself at a critical juncture. The index has been consolidating within a symmetrical triangle, indicating indecision among investors. Friday’s Doji candle formation on the daily chart reinforces this ambiguity.
Key Levels to Watch: On the upside, Nifty50 faces resistance at 23,700-23,800. A breakout above this level could spark a rally. Conversely, support lies at 23,400-23,300. A breach below this range may trigger a downturn.
Momentum Indicators: The Relative Strength Index (RSI) stands at 55.6, signaling neutral momentum. However, a bearish divergence in the RSI suggests potential weakness. Moving averages indicate a neutral trend, with Nifty50 trading above both the 50-day and 200-day Simple Moving Averages.
Trading Strategy: Given the uncertainty, traders should exercise caution. Consider buying above 23,700 with a stop-loss at 23,500 and targeting 23,950. Alternatively, selling below 23,300 with a stop-loss at 23,500 and targeting 22,950 could be a viable strategy.
In summary, Nifty50’s technical landscape suggests a cautious approach. Consolidation within the symmetrical triangle is likely to persist until a clear breakout or breakdown occurs. Stay vigilant, and adjust your trading plans accordingly.
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.
