MARKET TRENDS:
Global cues: Positive
FII: (+6674.77 crores)
DII: (+4581.34 crores)
Sentiment: Bullish
Market Breadth: Bullish
Technicals: Rebound Play
F&O: 25000 – 26000 zone.
INDIA VIX 12.56 (+1.19%)
USD/INR Futures (November) (88.75)
NIFTY PCR (25th November) 0.89
Bank Nifty PCR (25th November) 0.91
Nifty Outlook: Sellers could hesitate as markets reassess the recent drubbing and deep correction.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25492):
SUPPORT: 25413/25011
RESISTANCE: 25653/25807
RANGE: 25400-25650
BIAS: Neutral
21 DMA: 25611
50 DMA: 25202
200 DMA: 24375
SENSEX (CMP 83216)
SUPPORT: 83000/82100
RESISTANCE: 83900/84700
RANGE: 82900-83900
BIAS: Neutral
21 DMA: 83576
50 DMA: 82233
200 DMA: 80022
BANK NIFTY (CMP 57877)
SUPPORT: 57157/56600
RESISTANCE: 58577/59300
RANGE: 57300-58300
BIAS: Positive
21 DMA: 57504
50 DMA: 55924
200 DMA: 54003
Nifty: In Friday’s trade, Nifty started the session on a cautious note but volatility was the hallmark amidst tussle between bulls and bears. Nifty however ended a tad above the dotted lines.
Nifty is still above its 50 DMA (25202) and its 100 DMA (25110). Nifty’s 200 DMA at 24375 mark but way below its 21 DMA (25610)
Please note, confirmation of strength now only above 25807 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 25653 and then at 25807 and then at 26277.35. Bias is tilting towards neutral.
Bank Nifty: Bank Nifty (+0.56%) rebounded hrply higher after a lower start as value buying 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 outperforming Nifty’s sliding action, ending 0.56% higher as against Nifty’s 0.07% loss.
Interestingly, Nifty PSU Banks ended 0.87% higher while Nifty Private Bank Index ended with 0.44% gains.
Intraday support for Bank Nifty now seen at 57177/56600 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 54003 mark. Bias on Bank Nifty shifts to positive after Friday’s sharp rebound.
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