MARKET TRENDS:
Global cues: Positive
FII: (-1067.00 crores)
DII: (+1202.90 crores)
Sentiment: Risky
Market Breadth: Negative
Technicals: Overbought zone
F&O: 25000 – 26500 zone.
INDIA VIX 12.65 (-0.16%)
USD/INR Futures (November) (88.79)
NIFTY PCR (25th November) 1.11
Bank Nifty PCR (25th November) 0.83
Nifty Outlook: For now, it seems Nifty’s all-time high of 26,277.35 may have to wait a little longer, with traders expected to adopt a cautious, wait-and-watch approach and perhaps with negative bias.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25598):
SUPPORT: 25489/25429
RESISTANCE: 25903/26107
RANGE: 25500-25800
BIAS: Neutral
21 DMA: 25572
50 DMA: 25179
200 DMA: 24353
SENSEX (CMP 83459)
SUPPORT: 83121/82759
RESISTANCE: 84100/85300
RANGE: 83000-84000
BIAS: Neutral
21 DMA: 83442
50 DMA: 82162
200 DMA: 79958
BANK NIFTY (CMP 57827)
SUPPORT: 57351/56600
RESISTANCE: 58600/59100
RANGE: 57500-58500
BIAS: Neutral
21 DMA: 57357
50 DMA: 55821
200 DMA: 53916
Nifty: In Tuesday’s trade, Nifty started the session on a cautious note but the negative takeaway was that the selling persisted all-thru the trading session as Nifty ended way below the dotted lines.
Nifty is still above its 21 DMA (25571), 50 DMA (25179) and its 100 DMA (25096). Nifty’s 200 DMA at 24353 mark.
Please note, confirmation of strength now only above 26107 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25489/25429/25337 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 25903 and then at 26107 and then at 26277.35. Bias is tilting towards bearishness.
Bank Nifty: Bank Nifty (-0.47%) too slipped in Tuesday’s trade as bullish consolidation 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 0.47% lower as against Nifty’s 0.64% loss.
Interestingly, Nifty PSU Banks ended 0.11% lower while Nifty Private Bank Index ended with 0.68% loss.
Intraday support for Bank Nifty now seen at 57351/56600 mark and then at 55500 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 58600/59300 mark. Bank Nifty’s 200-DMA is placed at 53870 mark. Bias on Bank Nifty shifts to negative amidst overbought technical conditions.
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