MARKET TRENDS:
Global cues: Negative
FII: (-383.70 crores)
DII: (+3091.90 crores)
Sentiment: Neutral
Market Breadth: Neutral
Technicals: Desired Consolidation
F&O: 25000 – 26500 zone.
INDIA VIX 12.16 (+0.43%)
USD/INR Futures (November) (88.74)
NIFTY PCR (25th November) 1.00
Bank Nifty PCR (25th November) 0.94
Nifty Outlook: A cautious start on cards but celebration is quite likely if NDA returns to power in Bihar!
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25879):
SUPPORT: 25700/25100
RESISTANCE: 26277/26750
RANGE: 25750-26100
BIAS: Positive
21 DMA: 25719
50 DMA: 25298
200 DMA: 24427
SENSEX (CMP 84479)
SUPPORT: 84000/83100
RESISTANCE: 85978/87000
RANGE: 83700-85700
BIAS: Positive
21 DMA: 83937
50 DMA: 82540
200 DMA: 80174
BANK NIFTY (CMP 58382)
SUPPORT: 57700/56600
RESISTANCE: 58577/59500
RANGE: 57700-58900
BIAS: Positive
21 DMA: 57851
50 DMA: 56260
200 DMA: 54190
Nifty: In Thursday’s volatile session, Nifty witnessed sharp intraday swings — dipping early, then rebounding strongly, and finally sliding towards the close.
Nifty however managed to end a tad above the dotted lines and the positive takeaway is that Nifty gained for 4th-straight day.
Nifty is still above its 21 DMA (25719), 50 DMA (25298) and its 100 DMA (25146). Nifty’s 200 DMA at 24427 mark.
Please note, confirmation of strength now only above 26110 mark.
The technical landscape suggests Nifty’s major support at 25701/25500/25011 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 26111 and then at 26277.35. Bullish bias prevails
Bank Nifty: Bank Nifty (+0.18%) did pretty well as bullish consolidation was the preferred theme all thru the trading session and most importantly, Bnak Nifty ended in green for the 5th straight day. Bank Nifty’s new all-time-high still seen at 58577.50 mark
Bank Nifty was seen slightly outperforming Nifty’s volatile action, ending 0.18% higher as against Nifty’s 0.70% gains.
Interestingly, Nifty PSU Banks ended 0.62% higher while Nifty Private Bank Index ended with 0.01% gains.
Intraday support for Bank Nifty now seen at 57700/57157/56600 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 58577 mark. Bank Nifty’s 200-DMA is placed at 54190 mark. Bias on Bank Nifty continues to be positive.
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