MARKET TRENDS:
Global cues: Positive
FII: (-803.22 crores)
DII: (+2188.47 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Upside Breakout
F&O: 25000 – 26500 zone.
INDIA VIX 12.49 (+1.54%)
USD/INR Futures (November) (88.65)
NIFTY PCR (25th November) 0.98
Bank Nifty PCR (25th November) 0.92
Nifty Outlook: Nifty is poised for a strong and spirited rebound, with bullish momentum expected to roar back in full swing—driving a broad-based recovery across sectors with aggressive bulls aiming firmly on reclaiming the 26,000 mark, reinforcing optimism at Dalal Street.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25695):
SUPPORT: 25557/25318
RESISTANCE: 25821/26277
RANGE: 25600-25950
BIAS: Positive
21 DMA: 25660
50 DMA: 25243
200 DMA: 24399
SENSEX (CMP 83871)
SUPPORT: 83200/82670
RESISTANCE: 84400/85978
RANGE: 83500-85000
BIAS: Positive
21 DMA: 83741
50 DMA: 82364
200 DMA: 80090
BANK NIFTY (CMP 58138)
SUPPORT: 57600/57157
RESISTANCE: 58577/59300
RANGE: 57800-59000
BIAS: Positive
21 DMA: 57688
50 DMA: 56080
200 DMA: 54093
Nifty: In Tuesday’s trade, Nifty started the session on the backfoot but the positive takeaway was that bulls regrouped at lower levels and the buying momentum prevailed all thru the trading session. Nifty ended way above the dotted lines.
Nifty is still above its 21 DMA (25661), 50 DMA (25244) and its 100 DMA (25125). Nifty’s 200 DMA at 24399 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 25413/25337/25011 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 25821 and then at 26100 and then at 26277.35. Bias is tilting towards bullishness.
Bank Nifty: Bank Nifty (+0.35%) did pretty well as bullish consolidation was the preferred theme all thru the trading session and most impoartnly, Bnak Nifty ended in green for the 3rd 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 0.35% higher as against Nifty’s 0.47% gains.
Interestingly, Nifty PSU Banks ended 0.39% lower while Nifty Private Bank Index ended with 0.36% gains.
Intraday support for Bank Nifty now seen at 57600/57157/56600 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 54093 mark. Bias on Bank Nifty shifts to positive after yesterday’s consolidative bullish action.
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