November 13, 2024 – Mumbai
The Indian stock market witnessed a bearish trend today, with the Nifty50 index plummeting 324.40 points or 1.35% to close at 23,559.05. This decline mirrors the futures market, where Nifty50 futures for November 28, 2024, slipped 263.00 points or 1.10% to 23,696.60.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading a whopping ₹2,502.58 crores worth of stocks. Their gross purchases stood at ₹15,178.17 crores, while gross sales amounted to ₹17,680.75 crores. On the other hand, Domestic Institutional Investors (DIIs) displayed a contrarian view, snapping up ₹6,145.24 crores worth of stocks, with gross purchases of ₹14,095.16 crores and gross sales of ₹7,949.92 crores.
Table of Contents
Technical Outlook: What to Expect Tomorrow
As we head into tomorrow’s session, technical indicators suggest a bearish trend:
– Support levels are pegged at 23,400-23,500
– Resistance levels are capped at 24,000-24,100
– RSI (14) stands at 42.13, indicating neutrality
– MACD (12, 26) signals bearishness at -133.12
– Stochastic Oscillator (14, 3) indicates oversold conditions at 23.81
– Bollinger Bands are ranged between 23,550-24,050
Trading Strategy for Tomorrow
Considering these technical levels, traders are advised to:
– Sell on rallies to 24,000-24,100
– Buy on dips to 23,400-23,500
– Avoid trading during the first hour
Key Levels to Watch
– Pivot level: 23,550
– Resistance level: 23,800
– Support level: 23,200
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. Consult your financial advisor before investing or trading in the market.
