MARKET TRENDS:
Global cues: Positive
FII: (-1883.80 crores)
DII: (+3516.40 crores)
Sentiment: Risky
Market Breadth: Negative
Technicals: Overbought zone
F&O: 25000 – 26500 zone.
INDIA VIX 12.66 (+4.22%)
USD/INR Futures (November) (88.87)
NIFTY PCR (25th November) 1.12
Bank Nifty PCR (25th November) 0.93
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 US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25763):
SUPPORT: 25571/25429
RESISTANCE: 25927/26107
RANGE: 25650-25900
BIAS: Negative
21 DMA: 25538
50 DMA: 25169
200 DMA: 24341
SENSEX (CMP 83978)
SUPPORT: 83500/83121
RESISTANCE: 85300/85979
RANGE: 83400-84400
BIAS: Negative
21 DMA: 83335
50 DMA: 82133
200 DMA: 79923
BANK NIFTY (CMP 58101)
SUPPORT: 57351/56600
RESISTANCE: 58600/59100
RANGE: 57500-58500
BIAS: Negative
21 DMA: 57250
50 DMA: 55780
200 DMA: 53870
Nifty: In Monday’s trade, Nifty started the session on a cautious note but the positive takeaway was that Nifty ended above the dotted lines. The biggest positive takeaway was that Nifty snapped a 2-day losing streak.
Nifty is still above its 21 DMA (25539), 50 DMA (25169) and its 100 DMA (25092). Nifty’s 200 DMA at 24341 mark.
Please note, confirmation of strength now only above 26107 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 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: Bank Nifty (+0.56%) did pretty well in Monday’s trade as bullish consolidation was the preferred theme all thru the trading session. Bank Nifty’s new all-time-high still seen at 58577.50 mark.
Bank Nifty’s new all-time continues to be at 58577.50 mark.
Bank Nifty was seen slightly outperforming Nifty’s rebounding action, ending 0.56% higher as against Nifty’s 0.16% gains.
Interestingly, Nifty PSU Banks ended 1.92% higher while Nifty Private Bank Index ended with 0.35% gains.
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 53870 mark. Bias on Bank Nifty shifts to negative amidst overbought technical conditions.
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