MARKET TRENDS:
Global cues: Negative
FII: (-728.80 crores)
DII: (+6156.80 crores)
Sentiment: Risky
Market Breadth: Neutral
Technicals: Consolidation
F&O: 25000 – 26500 zone.
INDIA VIX 12.10 (+2.61%)
USD/INR Futures (November) (88.63)
NIFTY PCR (25th November) 0.91
Bank Nifty PCR (25th November) 1.12
Nifty Outlook:
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25910):
SUPPORT: 25740/25318
RESISTANCE: 26277/26750
RANGE: 25800-26100
BIAS: Neutral
21 DMA: 25804
50 DMA: 25374
200 DMA: 24470
SENSEX (CMP 84673)
SUPPORT: 84000/83500
RESISTANCE: 85978/87000
RANGE: 84200-85000
BIAS: Neutral
21 DMA: 84227
50 DMA: 82795
200 DMA: 80304
BANK NIFTY (CMP 58899)
SUPPORT: 58366/58000
RESISTANCE: 59300/60100
RANGE: 58600-59400
BIAS: Neutral
21 DMA: 58120
50 DMA: 56551
200 DMA: 54347
Nifty: In Tuesday’s bullish session, Nifty witnessed massive drubbing — as profit booking prevailed all-thru the trading session.
Nifty ended way below the dotted lines and the negative takeaway was that Nifty snapped its 6th-straight day winning streak.
Nifty is still above its 21 DMA (25804), 50 DMA (25374) and its 100 DMA (25173). Nifty’s 200 DMA at 24470 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 neutral bias with Nifty’s biggest intraday hurdles at 26107 and then at 26277.
Bank Nifty: Bank Nifty (-0.11%) did pretty well as bullish consolidation was the preferred theme all thru the trading session. Bank Nifty however ended in red as it snapped its 7th straight day winning streak. Bank Nifty’s new all-time-high still seen at 59001.55 mark.
Bank Nifty was seen slightly outperforming in Nifty’s downward action, ending 0.11% lower as against Nifty’s 0.40% loss.
Interestingly, Nifty PSU Banks ended 0.16% lower while Nifty Private Bank Index ended with 0.03% loss.
Intraday support for Bank Nifty now seen at 58366/58000/57157 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 54347 mark. Bias on Bank Nifty shifts to neutral.
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