As we are approaching all-time highs yet again on NIFTY 50, fewer levels are now visible on the upside. The weekly timeframe shows the last week’s trade being done in the narrow range of 19670-19875. Gift Nifty as of the time of this analysis, indicates a positive opening on Monday. Hence, the next targets for NIFTY 50 in the coming weeks turn out to be the previous’ swing highs of 20195, from where a sharp correction was seen.

On the downside, 19300-19400 will act as a crucial support for the markets, failing to sustain above which the levels of 19000 can be retested.

For the events side of things, India’s GDP growth rate YOY is set to come out on Thursday, the 30^th of November 2023, i.e., this week. Keep an eye out for high impact events as they can be decisive in confirming or reversals of market trend.

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