MARKET TRENDS:
Global cues: Negative
FII: (-4968.20 crores)
DII: (+8461.50 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Upside breakout
F&O: 25000 – 26500 zone.
INDIA VIX 11.94 (-1.85%)
USD/INR Futures (November) (88.77)
NIFTY PCR (25th November) 0.97
Bank Nifty PCR (25th November) 0.92
Nifty Outlook: Cheer shall return to Dalal Street! A jubilant sentiment is expected as the NDA’s Bihar victory energizes the market mood.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25910):
SUPPORT: 25741/25600
RESISTANCE: 26277/26750
RANGE: 25850-26150
BIAS: Positive
21 DMA: 25756
50 DMA: 25324
200 DMA: 24440
SENSEX (CMP 84563)
SUPPORT: 84200/83100
RESISTANCE: 85978/87000
RANGE: 84300-85300
BIAS: Positive
21 DMA: 84058
50 DMA: 82628
200 DMA: 80214
BANK NIFTY (CMP 58518)
SUPPORT: 58000/57157
RESISTANCE: 59000/60100
RANGE: 58300-59300
BIAS: Positive
21 DMA: 57947
50 DMA: 56357
200 DMA: 54240
Nifty: In Friday’s rebounding session, Nifty witnessed sharp intraday swings — dipping early, then rebounding strongly, and finally ending above the dotted lines.
Nifty managed to end a tad above the dotted lines and the positive takeaway is that Nifty gained for 5th-straight day.
Nifty is still above its 21 DMA (25756), 50 DMA (25324) and its 100 DMA (25154). Nifty’s 200 DMA at 24440 mark.
Nifty’s hurdles seen 26277.35 mark.
Please note, confirmation of strength and momentum buying is now likely above 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25741/25600/25011 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 (+0.23%) 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 6th straight day. Bank Nifty’s new all-time-high is at 58615.95 mark
Bank Nifty was seen slightly outperforming Nifty’s volatile action, ending 0.23% higher as against Nifty’s 0.12% gains.
Interestingly, Nifty PSU Banks ended 1.17% higher while Nifty Private Bank Index ended with 0.15% gains.
Intraday support for Bank Nifty now seen at 58000/57157/56600 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 59000 mark. Bank Nifty’s 200-DMA is placed at 54240 mark. Bias on Bank Nifty continues to be positive.
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