MARKET TRENDS:
Global cues: Negative
FII: (-3263.20 crores)
DII: (+5283.90 crores)
Sentiment: Risky
Market Breadth: Negative
Technicals: Overbought zone
F&O: 25000 – 26000 zone.
INDIA VIX 12.41 (-1.92%)
USD/INR Futures (November) (88.71)
NIFTY PCR (25th November) 1.05
Bank Nifty PCR (25th November) 0.78
Nifty Outlook: Nifty Under Pressure — Bears Shall Maintain Control Amid Persistent Weakness.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25510):
SUPPORT: 25413/25011
RESISTANCE: 25653/25777
RANGE: 25400-25650
BIAS: Negative
21 DMA: 25592
50 DMA: 25192
200 DMA: 24364
SENSEX (CMP 83311)
SUPPORT: 83000/82100
RESISTANCE: 83900/84700
RANGE: 82700-83700
BIAS: Negative
21 DMA: 83515
50 DMA: 82202
200 DMA: 79991
BANK NIFTY (CMP 57554)
SUPPORT: 56901/55600
RESISTANCE: 58000/58577
RANGE: 56500-58000
BIAS: Negative
21 DMA: 57426
50 DMA: 55870
200 DMA: 53960
Nifty: In yesterday’s trade, Nifty started the session on a positive note but the negative takeaway was that bears stepped in and the selling persisted all-thru the trading session as Nifty ended way below the dotted lines.
Nifty is still above its 50 DMA (25192) and its 100 DMA (25102). Nifty’s 200 DMA at 24364 mark but way below its 21 DMA (25592),
Please note, confirmation of strength now only above 25903 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25413/25337/25011 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 25777 and then at 25903 and then at 26277.35. Bias is tilting towards bearishness.
Bank Nifty: Bank Nifty (-0.47%) too slipped in Thursday’s trade as profit booking was the preferred theme all thru the trading session. Bank Nifty’s new all-time-high still seen at 58577.50 mark.
Bank Nifty was seen slightly underperforming Nifty’s sliding action, ending 0.47% lower as against Nifty’s 0.34% loss.
Interestingly, Nifty PSU Banks ended 0.62% lower while Nifty Private Bank Index ended with 0.53% loss.
Intraday support for Bank Nifty now seen at 56901/56600 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 58000/58577 mark. Bank Nifty’s 200-DMA is placed at 53960 mark. Bias on Bank Nifty shifts to negative amidst overbought technical conditions.
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