Nifty Prediction for 26th November 2024Nifty Prediction for 26th November 2024
nifty moments for intraday and option trading
The benchmark index showed significant upward momentum, driven by gains across all sectors. This rally was largely influenced by the NDA's victory in the Maharashtra state elections, which boosted investor confidence. On Monday, the
Nifty index surged by 314 points, closing at 24,221.90. The session began with an upside gap, and early buying extended the pullback rally. However, the index lost some of its election-driven momentum, retreating slightly from its intraday high of 24,351 and forming like a Doji candlestick pattern on the daily chart.
Despite the slight retreat, the Nifty confirmed a breakout of the Falling Channel pattern with a gap-up opening and sustained levels above the Middle Bollinger Band, indicating a bullish setup for the near term. Momentum indicators further supported this outlook, with the RSI recovering sharply from the oversold zone and showing a positive crossover. Additionally, the MACD exhibited a positive crossover, reinforcing the potential for a reversal.
Traders are advised to maintain a positive bias as long as the Nifty remains above the 24,000 mark. On the upside, if the index sustains levels above 24,350, it could potentially move higher toward the 24,500 and 24,700 levels.
