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HomeMarket TrendStock Market Trend : 24 November 2022

Stock Market Trend : 24 November 2022

Dear Trader…

The Indian equity market started the day on a promising note with a decent gap up in the benchmark index, but the bulls failed to capitalize on the initial gains and the index plunged to lower levels. The hustle continued for the entire session as we witnessed an intense tug of war between bulls and bears. The trail-end sell-off led Nifty not only to pare down the initial gains but slipped into negative territory. Post such price action, the index finally concluded the session near the day’s low, a tad above the 18250 level with a mere gain of 0.13 percent.

We remain sanguine as, on a technical aspect, the index is firmly placed above all the major exponential moving averages on the daily chart and is in a cycle of higher highs – higher lows, construing a positive setup. However, ahead of the monthly expiry, Nifty has seen some tentativeness at higher levels; but we do not construe this as any sign of worry. Traders are just opting to take some money off the table ahead of the expiry event. As far as levels are concerned, 18100-18200 is likely to cushion any fall in the index, followed by the sacrosanct support of the 18000 mark. Whereas on the flip side, the 18400-18450 is likely to remain the sturdy wall for the index in a comparable period.

Nifty futures opened at 18355.00 points against the previous close of 18281.00 and opened at a low of 18264.90 points. Nifty Future closed with an average movement of 93.10 points and a decline of around 12.00 points and 18269.00 points…!!

On the NSE, the midcap 100 index will rise 0.26% and smallcap 100 index is closing rise 0.54%. Speaking of various sectoral indices only IT And Metal stocks were seen selling on the NSE, while all other sectoral indices closed higher.

At the start of intra-day trading, December gold opened at Rs.52349, fell from a high of Rs.52472 points to a low of Rs.52164 with a decline of 4 points, a trend of around Rs.52285 and December Silver opened at Rs.61125, fell from a high of Rs.61694 points to a low of Rs.60855, with a rise of 443 points, a trend of around Rs.61429.

Meanwhile, commerce and industry minister Piyush Goyal has said that the proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month. He said that things are progressing well and it will yield good results.

Goyal said that industry support is required for the agreement and it should be a fair, equitable and balanced FTA. He also said that there should not be any strict timelines to conclude negotiations for an FTA as such agreements have to be thought through and carefully calibrated and negotiated. He said India and Britain launched negotiations for the FTA in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK.

Technically, the important key resistances are placed in Nifty future are at 18404 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 18484 – 18606 levels. Immediate support is placed at 18188 – 18088 levels.

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