MARKET TRENDS:
Global cues: Negative
FII: (+442.20 crores)
DII: (+1465.90 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Upside breakout
F&O: 25000 – 26500 zone.
INDIA VIX 11.79 (-1.26%)
USD/INR Futures (November) (88.66)
NIFTY PCR (25th November) 1.01
Bank Nifty PCR (25th November) 1.14
Nifty Outlook: Any excessive upside is likely to be capped amidst weak lead from Wall Street but the undertone remains positive amidst 3-positive catalysts:
1) NDA landslide victory in Bihar.
2) India’s retail inflation sliding, strengthening hopes for a December rate cut.
3) US–India Trade Deal Hopes.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26013):
SUPPORT: 25921/25740
RESISTANCE: 26277/26750
RANGE: 25900-26200
BIAS: Positive
21 DMA: 25789
50 DMA: 25350
200 DMA: 24455
SENSEX (CMP 84951)
SUPPORT: 84581/84000
RESISTANCE: 85978/87000
RANGE: 84500-85400
BIAS: Positive
21 DMA: 84169
50 DMA: 82715
200 DMA: 80258
BANK NIFTY (CMP 58963)
SUPPORT: 58600/58000
RESISTANCE: 59300/60100
RANGE: 58600-59300
BIAS: Positive
21 DMA: 58050
50 DMA: 56455
200 DMA: 54293
Nifty: In Monday’s bullish session, Nifty witnessed massive strength — as optimism prevailed all-thru the trading session.
Nifty ended well above the dotted lines and the positive takeaway was that Nifty gained for 6th-straight day.
Nifty is still above its 21 DMA (25789), 50 DMA (25350) and its 100 DMA (25165). Nifty’s 200 DMA at 24455 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 25921/25740/25011 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 26277 and then at 26750. Bullish bias prevails
Bank Nifty: Bank Nifty (+0.76%) 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 7th straight day. Bank Nifty’s new all-time-high still seen at 59001.55 mark.
Bank Nifty was seen slightly outperforming Nifty’s volatile action, ending 0.76% higher as against Nifty’s 0.40% gains.
Interestingly, Nifty PSU Banks ended 1.09% higher while Nifty Private Bank Index ended with 0.79% gains.
Intraday support for Bank Nifty now seen at 58600/58000/57157 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 59300 mark. Bank Nifty’s 200-DMA is placed at 54293 mark. Bias on Bank Nifty continues to be positive.
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