MARKET TRENDS:
Global cues: Positive
FII: (+785.30 crores)
DII: (+3912.50 crores)
Sentiment: Neutral/Bullish
Market Breadth: Positive
Technicals: Consolidation
F&O: 25000 – 26500 zone.
INDIA VIX 12.24 (-7.50%)
USD/INR Futures (November) (89.22)
NIFTY PCR (25th November) 0.75
Bank Nifty PCR (25th November) 1.08
Nifty Outlook: Nifty will aim to capture 26000 levels on backdrop of strong global cues. Optimism around a potential US–India trade agreement could provide the much needed boost to push the index above 26,277.35.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25885):
SUPPORT: 25771/25650
RESISTANCE: 26021/26147
RANGE: 25800-26100
BIAS: Positive
21 DMA: 25854
50 DMA: 25490
200 DMA: 24539
SENSEX (CMP 84587)
SUPPORT: 84150/82671
RESISTANCE: 85000/85978
RANGE: 84300-85300
BIAS: Positive
21 DMA: 84587
50 DMA: 83194
200 DMA: 80511
BANK NIFTY (CMP 58820)
SUPPORT: 58100/57158
RESISTANCE: 59500/60100
RANGE: 58600-59600
BIAS: Neutral
21 DMA: 58385
50 DMA: 57019
200 DMA: 54590
Nifty: In Tuesday’s bearish session, Nifty started the session on a cautiously optimist note — but momentum buying faded and selling intensified as the session panned out.
Nifty ended way below the dotted lines and the negative takeaway was that Nifty ended below 26000 mark and way below the its all-time-high at 26277.35 mark.
So, Nifty (-0.29%) slipped amidst profit booking as the benchmark ended in red for the 3rd straight day.
The Good News is that Nifty is still above its 21 DMA (25853), 50 DMA (25489) and its 100 DMA (25200). Nifty’s 200 DMA at 24539 mark.
Nifty’s hurdles seen 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25771/25650 mark.
Nifty’s chart of the day suggests the benchmark may trade volatile in an up-and-down session with Nifty’s biggest intraday hurdles at 26147 mark.
Bank Nifty: Bank Nifty (-0.03%) slipped as unwinding of long positions was the preferred theme all thru the trading session. Bank Nifty ended in red. Bank Nifty’s new all-time-high at 59440.10 mark.
Bank Nifty was seen slightly outperforming in Nifty’s sliding action, ending 0.03% lower as against Nifty’s 0.29% loss.
Interestingly, Nifty PSU Banks ended 1.44% higher while Nifty Private Bank Index ended with 0.23% loss.
Intraday support for Bank Nifty now seen at 58100/57158 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 59500 mark. Bank Nifty’s 200-DMA is placed at 54590 mark. Bias on Bank Nifty continues to be Neutral.
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