19,850: The Last Hurdle for Nifty 50 Before ATH!

  • Stock Market Analysis
  • Editors Pick

The relentless rally in the broader market Nifty 50 index is catching the attention of investors. The index which made a low of 18,837 on 26 October 2023 has made a high of 19875 today. That’s more than a 1,000-point move in a mere 15 trading sessions.

In the midst of heightened geopolitical tensions, nobody had expected such as strong investors’ interest, however, the funds coming in the market from retail investors, especially through SIPs have now started to make an impact. The recent lower-than-expected US retail inflation of 2.3% in October 2023 had further fueled the rally.

The short-term trend is positive and there’s no weakness seen on the chart yet. In fact, today’s strong rally has further strengthened the upside move. However, before reaching a new all-time high, the index has to face its last hurdle, which is at 19,850.

Image Description: Daily chart of Nifty 50 (spot)

Image Source: Investing.com

This is the level that reversed the prior uptrend of the index back in mid-October 2023, after which Nifty 50 marked a new low of H2 CY23. The same level has again acted as a strong selling zone and posed as a hurdle in today’s session.

The high made was 19,875, but a 110-point lower closing indicates profit booking, which is justified after such a stretched move.

Traders can stick to the buy-on-dip strategy instead of trying to catch a peak. There is a decent gap being left on the chart after yesterday’s gap-up opening which could be filled in case of a retracement. However, that could be a good buying opportunity before the market resumes its trend on the upside.

As the resistance is clearly witnessed, those trying to fade the rally should maintain a very strict stop loss above today’s high and the support where the gap would be filled can be deemed as a level to cover short positions.

If this hurdle gets passed, then we can see a new high in Nifty 50.


X (formerly, Twitter) - aayushxkhanna

BLACK FRIDAY SALE: You can avail InvestingPro+ at a massive 55% discount and by using the coupon code PROW652 get an extra 10% discount over and above the ongoing promotional price for the Bi-yearly plan only. Click on the image below to access the link


Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

  • shubhang setlur @shubhang setlur
    Correction expiry of 23rd November.
    Like 0
  • shubhang setlur @shubhang setlur
    Yep. This seems alright. From a technical analysis perspective. Today on 21st November, with expiry on 24th November-this just about seems right.
    Like 0
  • Anurag Trivedi @Anurag Trivedi
    Moment someone buys a Call option for Jan expiry Nifty will start going down, if along will Call someone buys Put option it will start consolidating between range. This is how algo of order matching and retail order management are written. There is no coherent logic in US inflation data and Nifty.
    Like 2
  • Manraj Dhillon @Manraj Dhillon
    His prediction is always right, you can bet 19850
    Like 3
  • Satvik Shah @Satvik Shah
    As per your view, which is the support level where short should coverup their positions...
    Like 4
  • bhupendrasingh thakur @bhupendrasingh thakur
    It is good thing to make aware about market trend by analysis to investor specially retail investor who see dreams to earn money from stock market..
    Like 0
  • Ranjan Singh @Ranjan Singh
    thank u sir
    Like 1
    Like 1
  • Raman Reddy @Raman Reddy
    super sir
    Like 1
    Like 0
  • Ramesh D r @Ramesh D r
    Like 1
  • Vicky Nanoma @Vicky Nanoma
    Like 0

Related Articles