NIFTY Consumption

After coming within touching distance of their respective all-time highs, the benchmark indices Nifty 50 and Sensex are likely to start the November 21 session on a flat note, as weak global cues cloud sentiment.

At 7.40 a.m., the <a href="https://www.moneycontrol.com/live-index/gift-nifty?symbol=in;gsx">GIFT Nifty index</a> was quoting 26,213, lower by 5 points or 0.3 percent.

The risk-off mood sets a cautious tone for Indian markets today, with global volatility likely to dictate early trade dynamics. Given that today marks the weekly Friday close, the market is expected to trade within a consolidation range.

"Global weakness may keep the upside in check, and selective profit-booking cannot be ruled out. However, despite the near-term caution, the broader trend for India remains constructive, with underlying sentiment still supportive of dips being absorbed," noted Ponmudi R, CEO - Enrich Money.

Wall Street stocks slid on Thursday in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia's earnings and U.S. jobs data muddied the labor market outlook.

The Dow Jones Industrial Average fell 0.84 percent, the S&amp;P 500 lost 1.56 percent and the Nasdaq Composite dropped 2.15 percent.

The sudden shift in sentiment reflected heightened uncertainty around monetary policy, prompting broad-based profit-booking across U.S. equities. The sharp sell-off in Wall Street echoed across Asian markets as well, with Japan’s Nikkei and South Korea’s Kospi opening the session deep in the red.

Key levels to watch on November 21

From a technical standpoint, Nifty has convincingly pierced key resistance levels and is steadily inching towards record highs. The broader setup stays constructive as the index continues to hold above its 10-day and 20-day exponential moving averages—zones that have consistently acted as dynamic support.

"Additionally, previous resistance levels have now turned into reliable support, reinforcing the long-term bullish bias and keeping the ongoing uptrend firmly intact. As long as the index sustains above the 25,900–25,850 support corridor, traders are likely to maintain a “buy-on-dips” approach," Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities said.

On the upside, immediate resistance is placed near the 26,270 zone—its previous all-time high. A stable close above this threshold may unlock fresh momentum-led buying, potentially propelling the index into new territory. Conversely, any dip below 25,850 is likely to draw renewed buying interest as long as structural supports remain intact.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Nifty, Sensex seen opening flat amid global weakness, key levels to watch on November 21

After coming within touching distance of their respective all-time highs, the benchmark indices Nifty 50 and Sensex are likely to start the November 21 session on a flat note, as weak global cues cloud sentiment.

At 7.40 a.m., the GIFT Nifty index was quoting 26,213, lower by 5 points or 0.3 percent.

The risk-off mood sets a cautious tone for Indian markets today, with global volatility likely to dictate early trade dynamics. Given that today marks the weekly Friday close, the market is expected to trade within a consolidation range.

&quot;Global weakness may keep the upside in check, and selective profit-booking cannot be ruled out. However, despite the near-term caution, the broader trend for India remains constructive, with underlying sentiment still supportive of dips being absorbed,&quot; noted Ponmudi R, CEO - Enrich Money.

Wall Street stocks slid on Thursday in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia's earnings and U.S. jobs data muddied the labor market outlook.

The Dow Jones Industrial Average fell 0.84 percent, the S&amp;amp;P 500 lost 1.56 percent and the Nasdaq Composite dropped 2.15 percent.

The sudden shift in sentiment reflected heightened uncertainty around monetary policy, prompting broad-based profit-booking across U.S. equities. The sharp sell-off in Wall Street echoed across Asian markets as well, with Japan’s Nikkei and South Korea’s Kospi opening the session deep in the red.

Key levels to watch on November 21

From a technical standpoint, Nifty has convincingly pierced key resistance levels and is steadily inching towards record highs. The broader setup stays constructive as the index continues to hold above its 10-day and 20-day exponential moving averages—zones that have consistently acted as dynamic support.

&quot;Additionally, previous resistance levels have now turned into reliable support, reinforcing the long-term bullish bias and keeping the ongoing uptrend firmly intact. As long as the index sustains above the 25,900–25,850 support corridor, traders are likely to maintain a “buy-on-dips” approach,&quot; Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities said.

On the upside, immediate resistance is placed near the 26,270 zone—its previous all-time high. A stable close above this threshold may unlock fresh momentum-led buying, potentially propelling the index into new territory. Conversely, any dip below 25,850 is likely to draw renewed buying interest as long as structural supports remain intact.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

PSU banks may still have re-rating potential, says Aparna Shanker, CIO - Equity at The Wealth Company Mutual Fund, who continues to hold a constructive but selective stance on the sector.

Her preference is tilted toward PSU banks that are showing consistent underwriting discipline and technology-led operating efficiency, rather than a broad-based overweight on the entire segment.

She strongly expects more exciting IPOs to tap the capital markets soon. "With volatility reducing and investor appetite staying strong, I expect a line-up of high-quality IPOs across manufacturing, digital infrastructure, EV ancillaries, and profitable tech-enabled businesses," she said in an interview to Moneycontrol. Here are edited excerpts:

Do you expect the government to reduce the number of PSU banks from 12 to 2–3, with the announcement expected in 2026?

The government has consistently signalled its long-term intent to create larger, stronger PSU banks. While moving from 12 to 2–3 banks is an ambitious objective, 2026 could indeed mark the beginning of more definitive announcements. However, such consolidation will inevitably be phased, given integration, cultural alignment, and capital planning requirements.

The broader goal remains to enhance competitiveness, efficiency, and to equip PSU banks to support India’s long-term credit cycle, especially as credit demand from infrastructure, energy transition, manufacturing capacity expansion, and MSMEs continues to accelerate. A deeper, more stable PSU banking system is essential to fund this structurally rising credit requirement.

Are you betting big on PSU banks?

We maintain a constructive but selective view on PSU banks. Many have completed a full balance-sheet repair cycle, demonstrating improved asset quality, stable credit costs, and better capital adequacy.

Valuations still offer room for re-rating. That said, our preference is tilted toward PSU banks that are showing consistent underwriting discipline and technology-led operating efficiency, rather than a broad-based overweight on the entire segment.

Do you think FY27 earnings will be critical for market performance going ahead, although a likely finalization of the India–US trade deal sooner rather than later could provide some boost?

Yes, FY27 is shaping up to be an important earnings year. FY26 may remain relatively muted due to margin compression and slower global trade momentum.

By FY27, we expect a more supportive macro backdrop—potentially softer interest rates globally, improving global trade flows, and clarity on the India–US trade agreement. Even a partial conclusion of the trade deal could aid sectors such as IT services, pharma, electronics manufacturing, and defence. This combination positions FY27 as a more broad-based earnings recovery year.

Do you see India Inc delivering solid mid–double-digit earnings growth in FY27, compared to likely single-digit growth in FY26?

Our base case does point to mid-double-digit earnings growth in FY27. The drivers include recovery in global demand, a strengthening capex cycle, healthy credit conditions, and broadening sector-level participation.

FY26, in contrast, is likely to reflect moderation after a few exceptionally strong years. The normalization in margins, especially for domestic cyclicals and exporters, is also a factor. But structurally, the earnings cycle remains intact and should re-accelerate.

Do you expect more exciting IPOs to tap the capital markets soon?

Absolutely. With volatility reducing and investor appetite staying strong, we expect a line-up of high-quality IPOs across manufacturing, digital infrastructure, EV ancillaries, and profitable tech-enabled businesses. India’s deepening domestic liquidity pool, particularly through SIPs, provides a supportive environment for credible companies seeking to list.

Do you think a major correction in US markets (which have been boosted by the AI theme) is unlikely to significantly impact Indian markets?

While a sharp correction in US equities may create short-term volatility globally, the structural impact on Indian markets should be limited. India today is significantly more domestically driven. Robust household savings, SIP flows, and improving corporate profitability give India a degree of resilience.

Sectorial pockets may respond to global moves, but the medium-term trajectory remains anchored in India’s own fundamentals. Being that said, considering global coupling, Indian equity market may see rippling effects of any correction in US markets.

Which two sectors are on your radar?

Industrials remain a key focus, supported by policy incentives, onshoring, and a visible capex cycle. We also continue to favour financials, lenders, capital market plays and insurers, where formalization, productivity improvements, and better balance-sheet strength are translating into durable growth opportunities.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: This CIO maintains bullish stance on PSU banks, points to re-rating upside

Aparna Shanker continues to favour financials, lenders, capital market plays and insurers, where formalization, productivity improvements, and better balance-sheet strength are translating into durable growth opportunities.

PSU banks may still have re-rating potential, says Aparna Shanker, CIO - Equity at The Wealth Company Mutual Fund, who continues to hold a constructive but selective stance on the sector.

Her preference is tilted toward PSU banks that are showing consistent underwriting discipline and technology-led operating efficiency, rather than a broad-based overweight on the entire segment.

She strongly expects more exciting IPOs to tap the capital markets soon. &quot;With volatility reducing and investor appetite staying strong, I expect a line-up of high-quality IPOs across manufacturing, digital infrastructure, EV ancillaries, and profitable tech-enabled businesses,&quot; she said in an interview to Moneycontrol. Here are edited excerpts:

Do you expect the government to reduce the number of PSU banks from 12 to 2–3, with the announcement expected in 2026?

The government has consistently signalled its long-term intent to create larger, stronger PSU banks. While moving from 12 to 2–3 banks is an ambitious objective, 2026 could indeed mark the beginning of more definitive announcements. However, such consolidation will inevitably be phased, given integration, cultural alignment, and capital planning requirements.

The broader goal remains to enhance competitiveness, efficiency, and to equip PSU banks to support India’s long-term credit cycle, especially as credit demand from infrastructure, energy transition, manufacturing capacity expansion, and MSMEs continues to accelerate. A deeper, more stable PSU banking system is essential to fund this structurally rising credit requirement.

Are you betting big on PSU banks?

We maintain a constructive but selective view on PSU banks. Many have completed a full balance-sheet repair cycle, demonstrating improved asset quality, stable credit costs, and better capital adequacy.

Valuations still offer room for re-rating. That said, our preference is tilted toward PSU banks that are showing consistent underwriting discipline and technology-led operating efficiency, rather than a broad-based overweight on the entire segment.

Do you think FY27 earnings will be critical for market performance going ahead, although a likely finalization of the India–US trade deal sooner rather than later could provide some boost?

Yes, FY27 is shaping up to be an important earnings year. FY26 may remain relatively muted due to margin compression and slower global trade momentum.

By FY27, we expect a more supportive macro backdrop—potentially softer interest rates globally, improving global trade flows, and clarity on the India–US trade agreement. Even a partial conclusion of the trade deal could aid sectors such as IT services, pharma, electronics manufacturing, and defence. This combination positions FY27 as a more broad-based earnings recovery year.

Do you see India Inc delivering solid mid–double-digit earnings growth in FY27, compared to likely single-digit growth in FY26?

Our base case does point to mid-double-digit earnings growth in FY27. The drivers include recovery in global demand, a strengthening capex cycle, healthy credit conditions, and broadening sector-level participation.

FY26, in contrast, is likely to reflect moderation after a few exceptionally strong years. The normalization in margins, especially for domestic cyclicals and exporters, is also a factor. But structurally, the earnings cycle remains intact and should re-accelerate.

Do you expect more exciting IPOs to tap the capital markets soon?

Absolutely. With volatility reducing and investor appetite staying strong, we expect a line-up of high-quality IPOs across manufacturing, digital infrastructure, EV ancillaries, and profitable tech-enabled businesses. India’s deepening domestic liquidity pool, particularly through SIPs, provides a supportive environment for credible companies seeking to list.

Do you think a major correction in US markets (which have been boosted by the AI theme) is unlikely to significantly impact Indian markets?

While a sharp correction in US equities may create short-term volatility globally, the structural impact on Indian markets should be limited. India today is significantly more domestically driven. Robust household savings, SIP flows, and improving corporate profitability give India a degree of resilience.

Sectorial pockets may respond to global moves, but the medium-term trajectory remains anchored in India’s own fundamentals. Being that said, considering global coupling, Indian equity market may see rippling effects of any correction in US markets.

Which two sectors are on your radar?

Industrials remain a key focus, supported by policy incentives, onshoring, and a visible capex cycle. We also continue to favour financials, lenders, capital market plays and insurers, where formalization, productivity improvements, and better balance-sheet strength are translating into durable growth opportunities.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Indian benchmark indices, Sensex and Nifty are likely to open on a negative note today, November 21, with cues coming from GIFT Nifty, which was trading lower at around 26,158.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

The Indian benchmark indices extended the winning run on second consecutive session on November 20, with Nifty crossing 26,200 for the first time since September 2024 led by Nvidia’s stellar earnings and stronger sales guidance for Q4.

At close, the Sensex was up 446.21 points or 0.52 percent at 85,632.68, and the Nifty was up 139.50 points or 0.54 percent at 26,192.15.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Down)

The GIFT Nifty is trading lower at around 26,158, indicating a weak start for the day.

Asian Equities (Down)

Asian shares extended a global rout on Friday as the much anticipated U.S. jobs data failed to provide clarity on interest rates, with investors returning to dumping riskier assets even after Nvidia's earnings dazzled.



US Equities (Slip)

Wall Street stocks slid on Thursday in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia's earnings and U.S. jobs data muddied the labor market outlook.

The Dow Jones Industrial Average fell 386.51 points, or 0.84%, to 45,752.26, the S&amp;amp;P 500 lost 103.40 points, or 1.56%, to 6,538.76 and the Nasdaq Composite dropped 486.18 points, or 2.15%, to 22,078.05.



Dollar Index (Flat)

The dollar was on track for its best week in over a month on Friday as investors wagered the Federal Reserve is unlikely to cut rates next month, with the case for further easing made no clearer by a confounding U.S. jobs report.



US Bond Yield (Up)

The yield on 10-year Treasuries were up marginally at 4.09 percent, while yield on 2-year Treasuries were up 1 basis point at 3.54 percent.



Asian Currencies (Mixed)

Asian currencies were trading mostly higher in the early Friday trade with Malaysian Ringgit leading the gainers followed by the South Korean Won, China Renminbi, Japanese Yen, Singapore Dollar, Thai Baht



Crude (slips)

Oil prices fell in early trade. U.S. West Texas Intermediate crude dropped 0.7% to $58.60, and was down 2.7% this week.



Gold (Falls)

Gold prices extended the losses on Friday, trading  around USD 4064 per ounce after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates.



Fund Flow Action

The Foreign Institutional Investors (FIIs) extended their buying on second consecutive day on November 20 as they purchased equities of Rs 283 crore, while Domestic Institutional Investors (DIIs) bought equities of Rs 824 crore, on the same day.



Hope you're all set for today's trade. We wish you a profitable day ahead.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Tick: Top global cues to watch in today’s trade

Sensex Today | Stock Market LIVE Updates: Stocks like AWL Agri Business, Billionbrains Garage Ventures Groww, Max Financial Services, Tata Consultancy Services, JSW Energy, Garuda Construction and Engineering, Zaggle Prepaid Ocean Services, Gujarat Pipavav Port, and Capillary Technologies India will be in focus on November 21.

Stock Market LIVE Updates: GIFT Nifty indicates a negative start; AWL Agri, Groww, Max Financial in focus

Live Blog

Sensex Today | Stock Market LIVE Updates: Stocks like AWL Agri Business, Billionbrains Garage Ventures Groww, Max Financial Services, Tata Consultancy Services, JSW Energy, Garuda Construction and Engineering, Zaggle Prepaid Ocean Services, Gujarat Pipavav Port, and Capillary Technologies India will be in focus on November 21.

The Nifty 50 inched closer to the record-high zone after breaking out above the 26,100 hurdle. Hence, overall, the trend remains in favour of the bulls, who can drive Nifty gradually toward 26,300 (near the record high) and 26,500. However, until it surpasses the record high, consolidation may be seen with support at the 26,100–26,000 zone. Meanwhile, the Bank Nifty also showed strength and remained in uncharted territory, but the Spinning Top–type pattern formation suggests some profit booking, with support at 59,100-59,000 (Thursday's low and psychological level). On the higher side, 59,500 is the level to watch, experts said.

On November 20, the Nifty 50 spiked 140 points (0.54 percent) to 26,192, while the Bank Nifty rose 132 points to 59,348, despite weakness in market breadth. About 1,582 shares were under pressure against 1,247 shares that advanced on the NSE.

Nifty Outlook and Strategy

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty delivered a decisive bullish gap breakout from its four-week consolidation phase, signalling renewed strength and sustained buying interest. The index continues to hold a higher-low formation, while the 26,000 psychological level has now evolved into a firm demand zone, reinforcing the broader uptrend. With the index trading comfortably above its 10-DEMA and 20-DEMA, the technical structure remains firmly constructive, and dips are consistently being absorbed. A breakout above 26,270 could trigger the next upward leg.

Derivatives data also supports the bullish stance, with strong Put writing and Call shifts reflecting continued optimism and momentum-driven upside.

Key Resistance: 26,270, 26,380, 26,500

Key Support: 26,100, 26,000, 25,900

Strategy: Traders may consider the Bull Put Spread strategy for the November 25 expiry by selling one lot of 26,500 PE at Rs 292 and buying one lot of 26,250 PE at Rs 124. This setup is designed to capitalize on potential upside momentum.

Stop-Loss: Hold the strategy until expiry, with the maximum Mark-to-Market (MTM) loss capped at Rs 6,101.

Target: Hold the strategy until expiry to achieve a maximum profit of Rs 12,650, or consider booking profits once the MTM gains exceed Rs 10,065.

Jay Mehta, Technical Research at JM Financial Services

Nifty has decisively broken above its prior swing high of 26,100 in the latest session, registering a fresh 52-week high, powered by new all-time highs in banking and financial indices. Mainline heavyweights are displaying strong momentum. Daily and weekly momentum indicators remain firmly bullish and are rising, reinforcing a robust positive outlook.

The index trades comfortably above all key EMAs with upward slopes, signalling sustained strength. It is now just points away from its all-time high, which should offer minimal resistance. A sustained move above it opens the path to 26,500 and 26,800 in the near term.

Key Resistance: 26,280, 26,500, 26,800

Key Support: 26,100, 26,000, 25,800

Strategy: Buy Nifty Futures at CMP and add on dips near 26,000–26,050, with a stop-loss at 25,800, targeting 26,500, 26,800, and higher.

Sumeet Bagadia, Executive Director at Choice Broking

With a breakout opening above the resistance zone, Nifty formed a bullish candle on the daily chart, indicating strong underlying sentiment despite minor intraday pullbacks.

The index is now hovering near the 26,100–26,200 zone, close to its historical peak, suggesting continued bullish intent. Going ahead, immediate resistance lies at 26,250–26,300, and a sustained move above this range could pave the way for a rally towards 26,500. On the downside, support is placed at 26,000 and 25,900. As long as Nifty sustains above 26,000, a buy-on-dips approach remains favourable, with traders advised to maintain strict stop-losses until a clear breakout or reversal emerges.

Key Resistance: 26,400, 26,500

Key Support: 25,900, 26,000

Strategy: Buy Nifty Futures on dips near the 26,100 level for a target of 26,400–26,500, with a stop-loss of 25,900 on a closing basis.

Bank Nifty - Outlook and Positioning

Jay Mehta, Technical Research at JM Financial Services

Bank Nifty this week surpassed its October 23 swing high of 58,577 and continues to exhibit strong momentum after breaking out from a bullish flag-and-pole pattern. It maintains a relatively stronger structure than Nifty. Daily and weekly momentum indicators are bullish and trending higher, supporting a solid positive view. The index trades above all key EMAs with rising slopes.

The only short-term concern is the latest session’s weak candle (spinning top) formed at the upper Bollinger Band, suggesting possible small profit-taking if the index slips below 59,100.

Key Resistance: 59,500, 59,800

Key Support: 59,000, 58,700, 58,500

Strategy: Buy Bank Nifty Futures on dips around 59,100–59,000 and 58,500, with a stop-loss at 58,200, targeting 59,500 and 59,800.

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty Bank pushed further into uncharted territory, backed by relentless buying and a well-defined higher-low structure. The 59,000–58,500 region has now turned into a powerful demand base, signalling strong hands supporting the trend. With the index holding comfortably above its 10-DEMA and 20-DEMA, every intraday dip is being met with fresh accumulation. A breakout above 59,500 could unlock another sharp leg higher.

Derivatives action echoes this optimism, with aggressive Put additions and Call writers shifting away from spot levels—indicating traders are preparing for continued momentum and higher targets ahead.

Key Resistance: 59,500, 59,800, 60,000

Key Support: 59,000, 58,800, 58,500

Strategy: Traders may consider the Bull Put Spread strategy for the November 25 expiry by selling one lot of 59,900 PE at Rs 596 and buying one lot of 59,500 PE at Rs 332. This setup is designed to capitalize on potential upside momentum.

Stop-Loss: Hold the strategy until expiry, with the maximum Mark-to-Market (MTM) loss capped at Rs 4,772.

Target: Hold the strategy until expiry to achieve a maximum profit of Rs 10,065, or consider booking profits once the MTM gains exceed Rs 9,228.

Sumeet Bagadia, Executive Director at Choice Broking

On the daily chart, Bank Nifty formed a Doji-type candle, indicating indecision but with a bullish bias, as the close remained near its record high despite intraday pullbacks.

The index is hovering near the 59,300–59,500 zone, close to its historical peak, reflecting continued bullish sentiment. Immediate resistance is placed at 59,500, and a sustained move above this level may open the doors for a rally towards 59,800–60,000. On the downside, key support lies at 59,100 and 58,900. As long as the index holds above 58,900, a buy-on-dips strategy remains appropriate, with traders advised to maintain strict stop-losses until a decisive breakout or reversal unfolds.

Key Resistance: 59,800, 60,000

Key Support: 58,900, 59,100

Strategy: Buy Bank Nifty Futures on dips near the 59,100 level for a target of 59,800–60,000 levels, with a stop-loss of 58,900 on a closing basis.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Trading Plan: Can Nifty 50 sustain above 26,100, Bank Nifty hold Thursday’s low amid possible consolidation?

The Nifty 50 inched closer to the record-high zone after breaking out above the 26,100 hurdle. Hence, overall, the trend remains in favour of the bulls, who can drive Nifty gradually toward 26,300 (near the record high) and 26,500. However, until it surpasses the record high, consolidation may be seen with support at the 26,100–26,000 zone. Meanwhile, the Bank Nifty also showed strength and remained in uncharted territory, but the Spinning Top–type pattern formation suggests some profit booking, with support at 59,100-59,000 (Thursday's low and psychological level). On the higher side, 59,500 is the level to watch, experts said.

On November 20, the Nifty 50 spiked 140 points (0.54 percent) to 26,192, while the Bank Nifty rose 132 points to 59,348, despite weakness in market breadth. About 1,582 shares were under pressure against 1,247 shares that advanced on the NSE.

Nifty Outlook and Strategy

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty delivered a decisive bullish gap breakout from its four-week consolidation phase, signalling renewed strength and sustained buying interest. The index continues to hold a higher-low formation, while the 26,000 psychological level has now evolved into a firm demand zone, reinforcing the broader uptrend. With the index trading comfortably above its 10-DEMA and 20-DEMA, the technical structure remains firmly constructive, and dips are consistently being absorbed. A breakout above 26,270 could trigger the next upward leg.

Derivatives data also supports the bullish stance, with strong Put writing and Call shifts reflecting continued optimism and momentum-driven upside.

Key Resistance: 26,270, 26,380, 26,500

Key Support: 26,100, 26,000, 25,900

Strategy: Traders may consider the Bull Put Spread strategy for the November 25 expiry by selling one lot of 26,500 PE at Rs 292 and buying one lot of 26,250 PE at Rs 124. This setup is designed to capitalize on potential upside momentum.

Stop-Loss: Hold the strategy until expiry, with the maximum Mark-to-Market (MTM) loss capped at Rs 6,101.

Target: Hold the strategy until expiry to achieve a maximum profit of Rs 12,650, or consider booking profits once the MTM gains exceed Rs 10,065.

Jay Mehta, Technical Research at JM Financial Services

Nifty has decisively broken above its prior swing high of 26,100 in the latest session, registering a fresh 52-week high, powered by new all-time highs in banking and financial indices. Mainline heavyweights are displaying strong momentum. Daily and weekly momentum indicators remain firmly bullish and are rising, reinforcing a robust positive outlook.

The index trades comfortably above all key EMAs with upward slopes, signalling sustained strength. It is now just points away from its all-time high, which should offer minimal resistance. A sustained move above it opens the path to 26,500 and 26,800 in the near term.

Key Resistance: 26,280, 26,500, 26,800

Key Support: 26,100, 26,000, 25,800

Strategy: Buy Nifty Futures at CMP and add on dips near 26,000–26,050, with a stop-loss at 25,800, targeting 26,500, 26,800, and higher.

Sumeet Bagadia, Executive Director at Choice Broking

With a breakout opening above the resistance zone, Nifty formed a bullish candle on the daily chart, indicating strong underlying sentiment despite minor intraday pullbacks.

The index is now hovering near the 26,100–26,200 zone, close to its historical peak, suggesting continued bullish intent. Going ahead, immediate resistance lies at 26,250–26,300, and a sustained move above this range could pave the way for a rally towards 26,500. On the downside, support is placed at 26,000 and 25,900. As long as Nifty sustains above 26,000, a buy-on-dips approach remains favourable, with traders advised to maintain strict stop-losses until a clear breakout or reversal emerges.

Key Resistance: 26,400, 26,500

Key Support: 25,900, 26,000

Strategy: Buy Nifty Futures on dips near the 26,100 level for a target of 26,400–26,500, with a stop-loss of 25,900 on a closing basis.

Bank Nifty - Outlook and Positioning

Jay Mehta, Technical Research at JM Financial Services

Bank Nifty this week surpassed its October 23 swing high of 58,577 and continues to exhibit strong momentum after breaking out from a bullish flag-and-pole pattern. It maintains a relatively stronger structure than Nifty. Daily and weekly momentum indicators are bullish and trending higher, supporting a solid positive view. The index trades above all key EMAs with rising slopes.

The only short-term concern is the latest session’s weak candle (spinning top) formed at the upper Bollinger Band, suggesting possible small profit-taking if the index slips below 59,100.

Key Resistance: 59,500, 59,800

Key Support: 59,000, 58,700, 58,500

Strategy: Buy Bank Nifty Futures on dips around 59,100–59,000 and 58,500, with a stop-loss at 58,200, targeting 59,500 and 59,800.

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty Bank pushed further into uncharted territory, backed by relentless buying and a well-defined higher-low structure. The 59,000–58,500 region has now turned into a powerful demand base, signalling strong hands supporting the trend. With the index holding comfortably above its 10-DEMA and 20-DEMA, every intraday dip is being met with fresh accumulation. A breakout above 59,500 could unlock another sharp leg higher.

Derivatives action echoes this optimism, with aggressive Put additions and Call writers shifting away from spot levels—indicating traders are preparing for continued momentum and higher targets ahead.

Key Resistance: 59,500, 59,800, 60,000

Key Support: 59,000, 58,800, 58,500

Strategy: Traders may consider the Bull Put Spread strategy for the November 25 expiry by selling one lot of 59,900 PE at Rs 596 and buying one lot of 59,500 PE at Rs 332. This setup is designed to capitalize on potential upside momentum.

Stop-Loss: Hold the strategy until expiry, with the maximum Mark-to-Market (MTM) loss capped at Rs 4,772.

Target: Hold the strategy until expiry to achieve a maximum profit of Rs 10,065, or consider booking profits once the MTM gains exceed Rs 9,228.

Sumeet Bagadia, Executive Director at Choice Broking

On the daily chart, Bank Nifty formed a Doji-type candle, indicating indecision but with a bullish bias, as the close remained near its record high despite intraday pullbacks.

The index is hovering near the 59,300–59,500 zone, close to its historical peak, reflecting continued bullish sentiment. Immediate resistance is placed at 59,500, and a sustained move above this level may open the doors for a rally towards 59,800–60,000. On the downside, key support lies at 59,100 and 58,900. As long as the index holds above 58,900, a buy-on-dips strategy remains appropriate, with traders advised to maintain strict stop-losses until a decisive breakout or reversal unfolds.

Key Resistance: 59,800, 60,000

Key Support: 58,900, 59,100

Strategy: Buy Bank Nifty Futures on dips near the 59,100 level for a target of 59,800–60,000 levels, with a stop-loss of 58,900 on a closing basis.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

8 out of 14 years NIFTY CONSUMPTION has given positive returns in November.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	12,527.93	12,556.57	12,576.08	12,508.42	12,479.78	12,460.27	12,431.63
Fibonacci	12,526.81	12,538.17	12,556.57	12,508.42	12,490.02	12,478.66	12,460.27
Camarilla	12,503.71	12,508.13	12,512.54	12,508.42	12,494.89	12,490.47	12,486.06

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