The Nifty 50 witnessed moderate profit booking after hitting a fresh nine-month high intraday on November 8, during the Muhurat trading session. The index snapped its seven-day winning streak, and ended the extended trading week with gains of 8.4 percent. Hence, further consolidation and profit booking cannot be ruled out, although the broader market structure remains firmly in favour of the bulls. In terms of key levels, 25,200 is expected to act as an immediate hurdle, followed by 25,500 as a crucial resistance. On the downside, 24,800 is likely to provide immediate support, followed by the crucial support zone of 24,400–24,300, according to market experts.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 25,084, 25,181, and 25,230
Support based on pivot points: 24,937, 24,888, and 24,791
Special Formation: The Nifty 50 formed a small bearish candle with a minor upper shadow on the daily charts, indicating profit booking at higher levels. However, the index continued to trade comfortably above all key moving averages, with all of them trending upward. The RSI eased slightly to 77.42 but remained comfortably above its signal line. The MACD also continued to trend upward, holding firmly above the reference line. However, its green histogram bar contracted after expanding consistently over the previous eight consecutive sessions. Overall, these technical indicators suggest that the broader trend remains firmly bullish, although the easing momentum and profit booking at higher levels point to the possibility of near-term consolidation.