Indices

NIFTY 50 Latest Outlook: Where Are The Indian Equities Heading?

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Written By: Abdullah Sarwar
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    Summary:
  • After finding support around 18,900 points, NIFTY 50 is once again looking bullish. The index may target 19,850 soon.

Nifty 50 opened lower on Monday as the financial and IT stocks faced a sell-off on the first trading day of the week. The other benchmark index, BSE Sensex also showed a similar behavior. At press time, both indices of the Indian stock market were down 82 points and 325 points, respectively.

Last week’s rebound in the dollar strength index and elevated US bond yields are the major headwinds for the Indian equities which have already been in a downtrend since October. There has been a nice recovery since the start of November but it could just be a deadcat bounce.

On a yearly timeframe, the NIFTY 50 index is still up 7.29% this year. This marks the 8th consecutive green year for the Indian benchmark index.

The following chart shows that the index has found a strong support around 18,900 points level. As long as this level holds, there is nothing to worry about. Another important region is the 19,250 level which has been a major pivot this year.

NIFTY 50 Index

This post was last modified on Nov 13, 2023, 13:55 GMT 13:55

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar