NIFTY50 Forecast: Market Sees Flat Performance
November 21, 2024, The NIFTY50 index experienced a relatively flat performance today, with a marginal decline of 0.72% over the past 24 hours, currently standing at 23,349.90. This slight drop follows a longer-term trend, where NIFTY50 has shown a 5.84% decrease over the past month and a 1.83% increase over the past six months.
FIIs and DIIs Sentiments
Foreign Institutional Investors (FIIs) adopted a cautious stance, with a net sale of ₹3,411.73 crores. In contrast, Domestic Institutional Investors (DIIs) displayed confidence, emerging as net buyers with a purchase of ₹2,783.89 crores.
Sector Performance
Top-performing sectors in NIFTY50 today included:
- Software & IT Services (0.3% increase, ₹4,670,574 crores market capitalization)
- Healthcare (0.04% decrease, ₹2,786,110 crores market capitalization)
- Real Estate (0.14% increase, ₹974,221 crores market capitalization)
- Hospitality (1.11% increase, ₹293,939 crores market capitalization
NIFTY50 Forecast for Tomorrow
Technical analysis suggests a neutral to bullish short-term trend, with medium and long-term trends remaining firmly bullish.
Key Technical Indicators
- RSI (14): 54.72 (neutral)
- MACD (12, 26): Positive crossover
- Stochastic Oscillator (14, 3): 43.42 (neutral)
- Bollinger Bands: NIFTY50 trading near middle band
Support and Resistance
- Immediate Support: 23,200
- Major Support: 22,800
- Immediate Resistance: 23,500
- Major Resistance: 24,000
Trading Recommendations
- . Buy above 23,450 with stop-loss at 23,250
- Sell below 23,200 with stop-loss at 23,400
- Avoid trading during the first hour
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.
