MARKET TRENDS:
Global cues: Positive
FII: (+10339.80 crores)
DII: (+1081.60 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25500 – 27000 zone.
INDIA VIX 11.95 (+0.80%)
USD/INR Futures (October) (88.28)
NIFTY PCR (25th November) 1.20
Bank Nifty PCR (25th November) 0.98
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 25936):
SUPPORT: 25800/25701
RESISTANCE: 26107/26277
RANGE: 25850-26150
BIAS: Positive
21 DMA: 25315
50 DMA: 25091
200 DMA: 24292
SENSEX (CMP 84628)
SUPPORT: 84200/83900
RESISTANCE: 85290/85979
RANGE: 84300-85300
BIAS: Positive
21 DMA: 82608
50 DMA: 81894
200 DMA: 79784
BANK NIFTY (CMP 58214)
SUPPORT: 57700/56700
RESISTANCE: 58609/59100
RANGE: 58000-59000
BIAS: Positive
21 DMA: 56609
50 DMA: 55587
200 DMA: 53689
Nifty: In yesterday’s trade, Nifty started the session above the dotted lines but profit booking emerged in the mid-session and the negative takeaway was that the benchmark ended on red note, reversing Monday’s solid gains.
Nifty’s 100 DMA is at 25057 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 24292 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 outperforming Nifty’s corrective decline action, ending 0.17% higher as against Nifty’s 0.11% loss.
Interestingly, Nifty PSU Banks ended 1.21% higher while Nifty Private Bank Index ended with 0.08% 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 53689 mark. Bias on Bank Nifty continues to be bullish.
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