Nifty bank levels and targets for tomorrow 29/Nov/2024Nifty Bank Prediction for 29th November 2024
Nifty bank levels and targets for tomorrow.
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The Bank Nifty experienced a pullback, relinquishing early gains and failing to sustain its upward trajectory, closing at 51,906.85 with a 0.76% decline.
On the daily chart, the index struggled after breaching the 52,600 level, reversing gains and engulfing the momentum of the last two sessions. This weakness was largely driven by private banking stocks, as the Nifty Private Bank Index fell by 1.11% for the day. Despite forming a bearish reversal pattern, the Bank Nifty remains above its 50- and 100-day exponential moving averages (DEMA), indicating strong support around the 51,500 level. A breach below this could extend the correction to 51,000 & 50700 levels.
Traders are advised to adopt a stock-specific strategy within the banking sector and consider a "buy-on-dips" approach for the near term.
