MARKET TRENDS:
Global cues: Positive
FII: (-3077.60 crores)
DII: (+2469.30 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Consolidation
F&O: 25500 – 27000 zone.
INDIA VIX 12.07 (+0.79%)
USD/INR Futures (November) (88.82)
NIFTY PCR (25th November) 1.14
Bank Nifty PCR (25th November) 0.92
Nifty Outlook: A choppy, range-bound session appears likely, as the Federal Reserve’s uncertain stance on a December rate cut, ongoing U.S.–India trade negotiations, and India’s Q2 corporate earnings season leave Dalal Street searching for clear direction.
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 amid mixed global cues.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25878):
SUPPORT: 25701/25451
RESISTANCE: 26107/26277
RANGE: 25700-26100
BIAS: Positive
21 DMA: 25442
50 DMA: 25140
200 DMA: 24316
SENSEX (CMP 84404)
SUPPORT: 83900/83121
RESISTANCE: 85300/85979
RANGE: 84000-85000
BIAS: Positive
21 DMA: 82825
50 DMA: 81982
200 DMA: 79818
BANK NIFTY (CMP 58031)
SUPPORT: 57451/56900
RESISTANCE: 58600/59100
RANGE: 57500-58500
BIAS: Positive
21 DMA: 56971
50 DMA: 55694
200 DMA: 53775
Nifty: In yesterday’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 25709/25451/25337 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s 200 DMA at 24316 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 26107 and then at 26277.35 and then aggressive targets at 26700 mark. Bias is constructively bullish.
Bank Nifty: In yesterday’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 0.61% lower as against Nifty’s 0.68% fall.
Interestingly, Nifty PSU Banks ended 0.38% lower while Nifty Private Bank Index ended with 0.74% loss.
Intraday support for Bank Nifty now seen at 57451/56900 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 53775 mark. Bias on Bank Nifty continues to be bullish.
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