The Nifty 50 remained in negative territory throughout the session before closing 0.6 percent lower on profit booking on November 13, snapping its three-day winning streak. While the broader technical structure remains positive, with short-term moving averages positioned above medium- and long-term moving averages, momentum indicators point to possible consolidation in the coming sessions.
In terms of key levels, a break below the 25,000 mark next week could extend profit booking, while a decisive breach of the key support zone of 24,800–24,700 could accelerate selling pressure. On the upside, a move above the recent swing high of 25,425 could trigger a sharp rally, according to market experts.
The Nifty 50 opened around 90 points lower and recovered towards 25,250, but the rebound failed to sustain, leaving the index under pressure throughout the session. It eventually closed at 25,144, down 155 points or 0.61 percent, with volumes lower than those recorded in the previous sessions.
On the daily charts, the index formed a bearish candle with a lower shadow, indicating buying interest at lower levels despite the prevailing selling pressure. It continued to trade comfortably above all key moving averages, which were trending upwards. The RSI dipped to 75.22 but remained above its signal line. The MACD maintained its upward trajectory, although the green histogram bar contracted for the fourth consecutive session, indicating a gradual loss of momentum.
For the week, the Nifty 50 gained 0.63 percent and formed a high-wave or doji-like candlestick pattern on the weekly charts, indicating indecision between bulls and bears. However, the higher-high and higher-low formation remains intact, keeping the broader trend positive.