Nifty50 index had a strong positive week. Monday was a market holiday in India, and all the remaining four days from Tuesday to Friday showed strong positive gains. This was one of the most positive November months for Nifty in recent years. The monthly options expiry on the last day, 30th November, may have also played a role in the upmove, because many options sellers never expected Nifty to cross 20K level in November, because it looked far away from the lows of October around 18,850.
Our analysis has constantly shown that we need to stay long above 19,000 level in Nifty for targets 19,500 and 20,000 and that has played out once more. Our target of Nifty index was 20,000 for the current rally on the daily charts, and Nifty has already crossed 20,200. On the weekly charts, Nifty has much higher targets of 21,800, which may come next year in 2024.
Bank Nifty index also started moving up this week after several weeks of under performance. Our Bank Nifty targets in the near term are currently 45K and 45,500. On the weekly charts, Bank Nifty has longer term targets of 50K and 55K, which may come in 2024. Thanks.
