Pressure Builds on Nifty Before ExpiryThe Nifty traded in a tight range for most of the week but eventually slipped below the 25,000 mark, ending on a weak note.
With the monthly expiry approaching, the index is likely to remain under pressure, and volatility may pick up in the coming sessions.
Key resistance levels are seen at 25,200 and 25,500. A decisive move above 25,500 could trigger an upside breakout. On the downside, support is expected around 24,500 and 24,400.
Given the current structure, traders are advised to stay cautious, focus on selective opportunities, and avoid aggressive positions until a clearer trend emerges.
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Nifty levels and targets for tomorrow 29/Nov/2024Nifty Prediction for 29th November 2024
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On the November expiry day, the benchmark index Nifty50 extended its losses, closing at 23,914.15 with a 1.49% decline, weighed down by weakness in IT and auto stocks. The market sentiment was dampened by concerns stemming from U.S. inflation data, which signalled a slower-than-expected trajectory for future rate cuts—a factor that particularly impacted the IT sector.
On the daily chart, the Nifty erased earlier gains, filling the gap from the election results day. However, it managed to hold key support levels around the Middle Bollinger Band and a horizontal trendline. Technical indicators such as RSI and MACD remain on a positive trajectory, suggesting a favorable outlook in the near term.
Traders are advised to closely monitor global events, foreign institutional investor (FII) activity, and rollover data to better understand the market's direction in the upcoming series. On the downside, the index has strong support at 23,800 and 23,650 levels, while resistance is expected at 24,100 and 24,350 levels.03:56 PM