MARKET TRENDS:
Global cues: Positive
FII: (-1766.10 crores)
DII: (+3161.60 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Breakout
F&O: 25500 – 27000 zone.
INDIA VIX 13.63 (+12.32%)
USD/INR Futures (November) (89.55)
NIFTY PCR (25th November) 1.00
Bank Nifty PCR (25th November) 0.89
Nifty Outlook: Nifty badly needs a big positive trigger.
Hopefully, optimism surrounding a potential US–India trade agreement should lift Nifty above 26277.35 mark.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26068):
SUPPORT: 25901/25741
RESISTANCE: 26277/27000
RANGE: 26000-26250
BIAS: Positive
21 DMA: 25847
50 DMA: 25452
200 DMA: 245151
SENSEX (CMP 85232)
SUPPORT: 84525/82671
RESISTANCE: 85978/87000
RANGE: 85000-86000
BIAS: Positive
21 DMA: 84384
50 DMA: 83063
200 DMA: 80438
BANK NIFTY (CMP 58638)
SUPPORT: 58100/57158
RESISTANCE: 59500/60100
RANGE: 58100-59100
BIAS: Positive
21 DMA: 58386
50 DMA: 56959
200 DMA: 54550
Nifty: In Friday’s bearish session, Nifty started the session on a cautious note — as momentum buying faded and selling intensified as the session panned out.
Nifty ended way below the dotted lines and the negative takeaway was that Nifty ended way below the its all-time-high.
So, Nifty (-0.47%) slipped amidst profit booking as the benchmark snapped its 2-day winning streak.
Nifty is still above its 21 DMA (25846), 50 DMA (25452) and its 100 DMA (25192). Nifty’s 200 DMA at 24515 mark.
Nifty’s hurdles seen 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25900/25741 mark.
Nifty’s chart of the day suggests the benchmark may trade volatile in an up-and-down session with Nifty’s biggest intraday hurdles at 26277.35 mark.
Bank Nifty: Bank Nifty (-0.81%) slipped hard amidst massive profit booking was the preferred theme all thru the trading session. Bank Nifty ended in red. Bank Nifty’s new all-time-high at 59440.10 mark.
Bank Nifty was seen slightly underperforming in Nifty’s sliding action, ending 0.81% lower as against Nifty’s 0.47% loss.
Interestingly, Nifty PSU Banks ended 0.89% lower while Nifty Private Bank Index ended with 0.31% gains.
Intraday support for Bank Nifty now seen at 58100/57157 mark and then at 55600 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 59500 mark. Bank Nifty’s 200-DMA is placed at 54550 mark. Bias on Bank Nifty shifts to Neutral.
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