MARKET TRENDS:
Global cues: Positive
FII: (+1580.72 crores)
DII: (+1360.27 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Breakout
F&O: 25000 – 26500 zone.
INDIA VIX 12 (-0.83%)
USD/INR Futures (November) (88.58)
NIFTY PCR (25th November) 1.29
Bank Nifty PCR (25th November) 1.20
Nifty Outlook: Up again for benchmark Nifty as Bullish Sentiments are likely Jump with Joy!
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26053):
SUPPORT: 25856/25740
RESISTANCE: 26277/26750
RANGE: 26000-26300
BIAS: Positive
21 DMA: 25820
50 DMA: 25400
200 DMA: 24486
SENSEX (CMP 85186)
SUPPORT: 84600/84000
RESISTANCE: 85978/87000
RANGE: 84900-85900
BIAS: Positive
21 DMA: 84285
50 DMA: 82884
200 DMA: 80351
BANK NIFTY (CMP 59216)
SUPPORT: 58689/58100
RESISTANCE: 59500/60100
RANGE: 58900-59900
BIAS: Positive
21 DMA: 58192
50 DMA: 56654
200 DMA: 54399
Nifty: In Wednesday’s bullish session, Nifty started on a cautious note — as profit booking prevailed in morning session, but bulls regrouped and the said short covering lifted Nifty well above the dotted lines.
Nifty ended way below the dotted lines and the positive takeaway was that Nifty recouped all of its Tuesday’s losses and comfortably closed above the 26000 mark..
Nifty is above its 21 DMA (25820), 50 DMA (25400) and its 100 DMA (25182). Nifty’s 200 DMA at 24486 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 25740/25339 mark.
Nifty’s chart of the day suggests the benchmark may trade with positive bias with Nifty’s biggest intraday hurdles at 26277.35 mark.
Bank Nifty: Bank Nifty (+0.54%) did pretty well as bullish consolidation was the preferred theme all thru the trading session. Bank Nifty however ended in green. Bank Nifty’s new all-time-high at 59264.25 mark.
Bank Nifty was seen slightly outperforming in Nifty’s rebounding action, ending 0.54% higher as against Nifty’s 0.55% gains.
Interestingly, Nifty PSU Banks ended 1.16% higher while Nifty Private Bank Index ended with 0.31% gains.
Intraday support for Bank Nifty now seen at 58689/58000/57157 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 59500 mark. Bank Nifty’s 200-DMA is placed at 54399 mark. Bias on Bank Nifty shifts to Positive.
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