MARKET TRENDS:
Global cues: Positive
FII: (-6769.30 crores)
DII: (+7068.40 crores)
Sentiment: Risky
Market Breadth: Negative
Technicals: Overbought zone
F&O: 25000 – 26500 zone.
INDIA VIX 12.15 (+0.70%)
USD/INR Futures (November) (88.78)
NIFTY PCR (25th November) 1.11
Bank Nifty PCR (25th November) 0.85
Nifty Outlook: For now, it seems Nifty’s all-time high of 26,277.35 may have to wait a little longer, with traders expected to adopt a cautious, wait-and-watch approach and perhaps with negative bias.
WHAT TECHNICALS TELLS ON NIFTY, SENSEX & BANK NIFTY:
NIFTY (CMP 25722):
SUPPORT: 25571/25429
RESISTANCE: 26107/26277
RANGE: 25550-25900
BIAS: Negative
21 DMA: 25494
50 DMA: 25155
200 DMA: 24327
SENSEX (CMP 83939)
SUPPORT: 83500/83121
RESISTANCE: 85300/85979
RANGE: 83000-84400
BIAS: Negative
21 DMA: 83192
50 DMA: 82090
200 DMA: 79885
BANK NIFTY (CMP 57776)
SUPPORT: 57351/56600
RESISTANCE: 58600/59100
RANGE: 57000-58000
BIAS: Positive
21 DMA: 57119
50 DMA: 55732
200 DMA: 53820
Nifty: In Friday’s trade, Nifty started the session on a cautious note and the negative takeaway was that the drubbing continued all thru the trading session. The benchmark ended on a jittery note.
Nifty’s 100 DMA is at 25079 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25571/25451/25337 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s 200 DMA at 24327 mark.
Nifty’s chart of the day suggests the benchmark may trade with bearish bias with Nifty’s biggest intraday hurdles at 25900 and then at 26107 and then at 26277.35. Bias is tilting towards bearishness.
Bank Nifty: In Friday’s session, Bank Nifty started the session on a cautious note, and the negative takeaway was that Bank Nifty ended on a jittery note.
Bank Nifty’s new all-time continues to be at 58577.50 mark.
Bank Nifty was seen mirroring Nifty’s sliding action, ending 0.60% lower as against Nifty’s 0.44% fall.
Interestingly, Nifty PSU Banks ended 1.56% higher while Nifty Private Bank Index ended with 0.75% loss.
Intraday support for Bank Nifty now seen at 57351/56600 mark and then at 55500 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 58600/59300 mark. Bank Nifty’s 200-DMA is placed at 53820 mark. Bias on Bank Nifty shifts to negative amidst overbought technical conditions.
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