Despite profit-booking from the record high zone, the technical and momentum indicators remain strong, along with the continuation of the higher-high, higher-low structure. The Nifty 50 is expected to consolidate as long as it trades below 26,300, with support at 26,100–26,000. However, a convincing move above 26,300 will open the door for the 26,500 level. Meanwhile, the Bank Nifty is likely to attempt touching the psychological 60,000 mark. Until then, rangebound trading may continue with support at the 59,500–59,300 zone, according to experts.
On November 27, the Nifty 50 advanced 10 points to 26,216, while the Bank Nifty jumped 209 points to 59,737. However, market breadth was tilted in favour of the bears, with about 1,520 shares declining compared to 1,318 rising shares on the NSE.
Nifty Outlook and Strategy
Dhupesh Dhameja, Derivative Research Analyst at Samco Securities
Nifty closed Thursday’s session on a strong note, registering a new lifetime high of 26,310 before witnessing mild profit-taking. The index continues to maintain its higher-high, higher-low structure and remains firmly above the 10-DEMA, reinforcing strong underlying momentum. A breakout above 26,300 could trigger fresh short-covering toward 26,500, while 26,000 remains a dependable demand zone.
Derivatives positioning stays supportive, with heavy Put writing at 26,000 and rising Call shifts to higher strikes. Momentum indicators, including RSI above 60, signal sustained bullish bias. The overall trend remains constructive, with dips likely to attract renewed accumulation.
Key Resistance: 26,300, 26,500, 26,700
Key Support: 26,150, 26,000, 25,900
Strategy: Traders may consider the Bull Put Spread strategy for the December 2 expiry by selling one lot of the 26,500 PE at Rs 273 and buying one lot of the 26,250 PE at Rs 107. 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 6,292.
Target: Hold the strategy until expiry to achieve a maximum profit of Rs 12,450, or consider booking profits once the MTM gains exceed Rs 6,500.
Sumeet Bagadia, Executive Director at Choice Broking
The Nifty 50 index is now hovering in the 26,100–26,300 zone, suggesting a consolidation phase before a potential directional move. Going forward, immediate resistance lies at 26,300–26,400, and a sustained move above this range could open the door for a rally toward 26,500.
On the downside, support is seen at 26,150 and 26,000. As long as Nifty holds above the 26,000 mark, a buy-on-dips approach remains favourable, with traders advised to maintain strict stop-losses until a clear breakout or reversal emerges.
Key Resistance: 26,300, 26,400
Key Support: 26,000, 26,150
Strategy: Buy Nifty Futures on dips near 26,100 levels for a target of 26,400–26,500, with a stop-loss of 25,900 on a closing-basis.
Arun Kumar Mantri, Founder of Mantri FinMart
Nifty has been in bullish momentum and has tested fresh all-time highs, coupled with a massive breakout above 26,200 levels. The trend of the index is bullish, with key support placed at 25,950–26,000 levels, while 26,400–26,450 remains stiff resistance in the near term. The overall trend of the index appears bullish, and any dip will be a buying opportunity for short-term trades.
Key Resistance: 26,400, 26,450
Key Support: 26,000, 25,950
Strategy: We advise short-term traders to adopt a buy-on-dips approach in the markets toward 26,050 (spot levels), keeping a strict stop-loss below 25,950 and placing targets at 26,400 and 26,450 levels.
Bank Nifty - Outlook and Positioning
Dhupesh Dhameja, Derivative Research Analyst at Samco Securities
Nifty Bank ended Thursday’s trading on a strong footing, hitting a fresh peak of 59,866 and maintaining its dominant higher-high structure. The index continues to trade confidently above the 10-DEMA, with the 59,000–59,300 zone emerging as a firm demand area. A breakout above the psychological 60,000 mark—where sizeable Call open interest is parked—could unleash a fresh round of short-covering toward 60,500.
Derivatives positioning remains favourable, supported by aggressive Put writing at lower strikes. With RSI holding above 70 and price action sustaining in uncharted territory, the broader trend stays firmly upward, with dips likely to attract renewed accumulation.
Key Resistance: 60,000, 60,300, 60,500
Key Support: 59,500, 59,300, 59,000
Strategy: Traders may look to go long on Nifty Bank December Futures in the 60,100–60,150 zone, with a stop-loss placed below 59,900. Profit-booking can be considered around 60,400–60,500.
Sumeet Bagadia, Executive Director at Choice Broking
The Bank Nifty index indicated sustained bullish momentum despite intraday volatility. The index is currently hovering near the 59,600–59,900 zone, reflecting continued bullish sentiment. Immediate resistance is placed at 60,000, and a sustained move above this level may open the doors for a rally toward 60,200–60,500.
On the downside, key support lies at 59,500 and 59,300. As long as the index holds above 59,000, a buy-on-dips strategy remains appropriate, with traders advised to maintain strict stop-losses until a decisive breakout or reversal unfolds.
Key Resistance: 60,000, 60,500
Key Support: 59,500, 59,300
Strategy: Buy Bank Nifty Futures on dips near 59,500 levels for a target of 60,500–60,700, with a stop-loss of 59,300 on a closing-basis.
Arun Kumar Mantri, Founder of Mantri FinMart
Bank Nifty again gained massive momentum in the last couple of sessions and is now trading above the 59,500 mark with an aggressive bullish bias. The overall trend of the index is strong, with support placed at 59,300–59,450 on the lower side. On the other hand, resistance for the index is around 60,000–60,100, where significant Call writing has been witnessed in the December series.
Key Resistance: 60,000, 60,100
Key Support: 59,300, 59,400
Strategy: Aggressive traders may go long in the banking index on dips around 59,500, keeping a strict stop-loss below 59,300 for targets of 60,000–60,100 and higher.
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.
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