NIfty view for this week 14th Nov.
Nifty Analysis for This Week
Current Market Sentiment:
Bullish outlook as long as Nifty holds above the 24,000 mark. If 23,800 breaks, a Head and Shoulders pattern may be activated, signaling a potential 10% correction in the coming days.
Key Levels to Watch:
Support Levels:
24,000 – 23,800: This range represents critical support. If Nifty sustains above this level, the bullish trend remains intact.
A break and sustained move below 23,800 could confirm the Head and Shoulders pattern and lead to a deeper fall.
Resistance Levels:
24,300 – 24,550: Recent highs that will act as key resistance.
Breakout above 24,300 could push Nifty towards 24,500 – 24,800 and possibly 25,000.
Breakdown below 23,800 could trigger a correction towards 23,000 or even 21,000, aligning with the pattern’s target.
Head and Shoulders Pattern:
This pattern becomes valid only if Nifty sustains below 23,800. The measured target of the pattern suggests a 10% fall from the breakdown level, which would put Nifty in the range of 21,000 to 22,000.
If Nifty holds above 23,800, the pattern remains invalid and bullish momentum could continue.
Nifty remains bullish as long as it stays above 24,000. However, if it breaks 23,800, the Head and Shoulders pattern becomes valid, with a potential target of 10% correction. Key resistance lies at 24,300–24,550, and any breakout above these levels could push Nifty towards 24,800 – 25,000. Trade with caution and monitor these levels closely for signals.
Current Market Sentiment:
Bullish outlook as long as Nifty holds above the 24,000 mark. If 23,800 breaks, a Head and Shoulders pattern may be activated, signaling a potential 10% correction in the coming days.
Key Levels to Watch:
Support Levels:
24,000 – 23,800: This range represents critical support. If Nifty sustains above this level, the bullish trend remains intact.
A break and sustained move below 23,800 could confirm the Head and Shoulders pattern and lead to a deeper fall.
Resistance Levels:
24,300 – 24,550: Recent highs that will act as key resistance.
Breakout above 24,300 could push Nifty towards 24,500 – 24,800 and possibly 25,000.
Breakdown below 23,800 could trigger a correction towards 23,000 or even 21,000, aligning with the pattern’s target.
Head and Shoulders Pattern:
This pattern becomes valid only if Nifty sustains below 23,800. The measured target of the pattern suggests a 10% fall from the breakdown level, which would put Nifty in the range of 21,000 to 22,000.
If Nifty holds above 23,800, the pattern remains invalid and bullish momentum could continue.
Nifty remains bullish as long as it stays above 24,000. However, if it breaks 23,800, the Head and Shoulders pattern becomes valid, with a potential target of 10% correction. Key resistance lies at 24,300–24,550, and any breakout above these levels could push Nifty towards 24,800 – 25,000. Trade with caution and monitor these levels closely for signals.
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