MARKET TRENDS:
Global cues: Positive
FII: (-1750.03 crores)
DII: (+5127.12 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Upside Breakout
F&O: 25500 – 26500 zone.
INDIA VIX 12.11 (-3.04%)
USD/INR Futures (November) (88.69)
NIFTY PCR (25th November) 0.98
Bank Nifty PCR (25th November) 0.94
Nifty Outlook: Nifty is expected to stage a spirited bullish session, with bullish momentum likely to remain in full force and drive a strong recovery across the board.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25876):
SUPPORT: 25751/25500
RESISTANCE: 26277/26750
RANGE: 25800-26100
BIAS: Positive
21 DMA: 25688
50 DMA: 25272
200 DMA: 24413
SENSEX (CMP 84467)
SUPPORT: 84000/83100
RESISTANCE: 85978/87000
RANGE: 84100-85500
BIAS: Positive
21 DMA: 83835
50 DMA: 82457
200 DMA: 80133
BANK NIFTY (CMP 58275)
SUPPORT: 57900/57157
RESISTANCE: 58577/59500
RANGE: 57900-58900
BIAS: Positive
21 DMA: 57767
50 DMA: 56173
200 DMA: 54142
Nifty: In Wednesday’s trade, Nifty started the session on the front foot and the positive takeaway was that bulls marched from strength to strength as the buying momentum prevailed all thru the trading session. Nifty ended way above the dotted lines.
Nifty is still above its 21 DMA (25688), 50 DMA (25272) and its 100 DMA (25135). Nifty’s 200 DMA at 24413 mark.
Please note, confirmation of strength now only above Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25751/25500/25011 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 26107 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, Bank Nifty ended in green for the 4th straight day. Bank Nifty’s new all-time-high still seen at 58577.50 mark.
Bank Nifty was seen slightly mirroring Nifty’s rebounding action, ending 0.23% higher as against Nifty’s 0.70% gains.
Interestingly, Nifty PSU Banks ended 0.62% higher while Nifty Private Bank Index ended with 0.29% gains.
Intraday support for Bank Nifty now seen at 57900/57157/56600 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 54142 mark. Bias on Bank Nifty continues to be positive after yesterday’s consolidative bullish action.
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