Nifty 50 is currently finding support around the 24,000 level, with further support at 23,800. This zone is critical as a dip below 23,800 would disrupt the overall chart structure. On the upside, resistance at 24,500 is expected to be a significant barrier, as analysts suggest.
On November 8, Nifty 50 continued its downward trend, closing with a bearish candlestick pattern for the second day in a row on the daily chart. The index remains below its short- to medium-term moving averages, which is considered a bearish indicator. As it stands, immediate support levels are at 24,000 and 23,800, while a break above 24,500 may encounter resistance from sellers.
For Bank Nifty, holding the 51,000 level is essential for any recovery towards 52,000. Should this support fail, significant selling pressure could emerge.
As of Friday’s close, Nifty 50 was down 51 points, finishing at 24,148, while Bank Nifty dropped 355 points to close at 51,561. Overall market sentiment favored the bears, with 1,762 shares dec
lining.