MARKET TRENDS:
Global cues: Positive
FII: (-2540.20 crores)
DII: (+5692.80 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25500 – 27000 zone.
INDIA VIX 11.97 (+0.17%)
USD/INR Futures (November) (88.35)
NIFTY PCR (25th November) 1.23
Bank Nifty PCR (25th November) 1.03
Nifty Outlook: Bullish sentiment likely to stay alive, with all eyes on Nifty’s all-time high of 26,277.35 with an interweek perspective.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26054):
SUPPORT: 25951/25701
RESISTANCE: 26277/26900
RANGE: 26000-26200
BIAS: Positive
21 DMA: 25382
50 DMA: 25120
200 DMA: 24304
SENSEX (CMP 84997)
SUPPORT: 84638/83900
RESISTANCE: 85979/86700
RANGE: 84600-85600
BIAS: Positive
21 DMA: 82825
50 DMA: 81982
200 DMA: 79818
BANK NIFTY (CMP 58385)
SUPPORT: 57700/57100
RESISTANCE: 58609/59300
RANGE: 57900-58900
BIAS: Positive
21 DMA: 56799
50 DMA: 55648
200 DMA: 53732
Nifty: In yesterday’s trade, Nifty started the session above the dotted lines and the positive takeaway was that the buying continued all thru the trading session. The benchmark ended on a solid higher footing.
Nifty’s 100 DMA is at 25070 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25709/25451/25337 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s 200 DMA at 24304 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 and then aggressive targets at 26700 mark. Bias is constructively bullish.
Bank Nifty: In yesterday’s session, Bank Nifty started the session on a positive footing, and the positive takeaway was that Bank Nifty ended on a strong positive note.
Bank Nifty’s new all-time continues to be at 58577.50 mark.
Bank Nifty was seen slightly underperforming Nifty’s bullish action, ending 0.29% higher as against Nifty’s 0.45% gains.
Interestingly, Nifty PSU Banks ended 0.02% higher while Nifty Private Bank Index ended with 0.14% gains.
Intraday support for Bank Nifty now seen at 57700/56700 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 58609/59300 mark. Bank Nifty’s 200-DMA is placed at 53732 mark. Bias on Bank Nifty continues to be bullish.
Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.