After a roaring six-session rally, benchmark indices Nifty 50 and Sensex may take a breather in trade on Tuesday, November 18 as the risk-off mood in global equities could pressure sentiment.
At 7.30 a.m., GIFT Nifty was quoting 25,993, lower by 34 points or 0.13 percent. In the previous session, Sensex rose 388 points, or 0.46 percent to settle at 84,950.95, while Nifty 50 gained 103.40 points, or 0.4 percent to reclaim the 26,000 mark, closing at 26,013.45.
Overnight, U.S. stocks extended their selloff and benchmark Treasury yields inched lower as investors embarked on a week of accelerated economic data releases in the aftermath of the longest government shutdown ever in the United States.
The Dow Jones Industrial Average fell 1.18 percent, the S&P 500 fell 0.92 percent and the Nasdaq Composite fell 0.84 percent.
Asian markets were trading lower in the early trade with Nikkei down 2 percent and Kospi down 1.4 percent. A gauge of Asia-Pacific shares extended its losses to a third day. Amid the weak sentiment, MSCI’s global stock gauge traded at a one-month low
Key levels to watch on November 18
On the downside, immediate support for the Nifty is placed at 25,850–25,780, and holding above this band keeps the overall bias firmly positive. “On the upside, Nifty is hovering just below the 26,050–26,100 resistance zone, a critical barrier that needs to be decisively cleared,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, "A sustained close above this zone could open the path toward the all-time high near 26,277.35."
Traders should watch for short covering at 26,000 CE or fresh put writing at 25,900/25,950 to confirm a strong directional move. Overall, he added that the index remains positioned for a bullish continuation, with momentum, derivatives data, and volatility all aligning in favour of the bulls.
Also Read | First Tick: Top global cues to watch in today’s trade
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
