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

Nifty, Sensex are expected to see a flat start in trade 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.

"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&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.

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