Trading Plan: Can Nifty 50 reclaim 26,100, Bank Nifty climb back above 59,200?

Nifty Trading Plan for November 24

The Nifty 50 and Bank Nifty witnessed profit booking on Friday after two days of correction, but the broader trend has not changed yet, though some consolidation and rangebound trading may occur in the immediate term. If the index reclaims and sustains above 26,100, the 26,250 level is expected to act as a crucial hurdle for further upside. On the lower side, 26,000 remains the key level to watch for any potential downward move. Meanwhile, as long as Bank Nifty trades below 59,200, 58,600 and 58,300 can be possible downside targets; however, climbing back above 59,200 can open the door to last week’s high of 59,440, experts said.

On November 21, the Nifty 50 dropped 124 points (0.47 percent) to 26,068, while the Bank Nifty slipped 480 points (0.81 percent) to 58,868, accompanied by further weakening in market breadth. A total of 2,132 shares were dragged by bears, compared to 697 gainers on the NSE.

Nifty Outlook and Strategy

Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One

The Nifty 50 index has experienced a bullish trend marked by a series of higher highs, supported by a V-shaped recovery evident on the daily chart, signalling robust domestic indicators. From a technical perspective, the index is positioned comfortably above the short-term EMAs on the daily chart and appears well-prepared to reclaim its lifetime highs in the forthcoming trading sessions. However, the final step toward new highs presents a strong hurdle, with notable rejection in the 26,100–26,250 zone, making the task challenging for the bulls.

Even so, the resilient moves from market participants indicate that dips are being well absorbed. For now, the 26,000–25,900 zone is likely to provide a cushion for any declines, followed by pivotal support at the 25,750–25,700 subzone. On the upside, 26,250–26,280 appears to be a formidable barrier, and a decisive breakout could pave the way toward new highs at 26,400–26,500 in the near future.

Given the expected volatility associated with contract expiry, it is advisable to adopt a pragmatic approach that emphasizes strong risk management in the current environment.

Key Resistance: 26,250, 26,280

Key Support: 25,900, 25,750

Strategy: Buy Nifty Futures on dips around 25,900, with a stop-loss at 25,750, and book profit near 26,300.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

The Nifty closed with a weekly gain of 158 points and formed a small bullish candle with shadows on both sides on the weekly chart, reflecting indecision among market participants regarding the near-term direction. The index continues to trade at a crucial resistance zone near its all-time high. A decisive close above this level may open the door for further upside. A sustained move above 26,250 is likely to invite fresh buying, potentially driving the index towards 26,500–26,700.

Conversely, a break below 26,000 may trigger selling pressure, dragging the index towards 25,850–25,500, with key support placed at 25,844 (20-day SMA) and the 25,500 zone. For the week ahead, we expect Nifty to trade within a broad range of 26,700–25,500 with a mixed bias. The weekly RSI remains above its reference line, signalling an underlying positive tone.

Key Resistance: 26,200, 26,350

Key Support: 25,900, 25,750

Strategy: Sell Nifty Futures around 26,100 with a stop-loss at 26,250, targeting 25,900–25,800.

Anshul Jain, Head of Research at Lakshmishree Investments

Nifty printed a weekly shooting star, but recent patterns of the same kind have failed to invite follow-through and instead turned into bear traps. The current candle appears similar and looks more like a temporary hurdle. A push above 26,250, which stands as the immediate resistance, can trigger short covering toward 26,400. That zone will act as the extension target for the week.

The index is stretched from the 10-week EMA, so a period of consolidation may help price and average realign. Bears will need stronger evidence to gain control. The first sign would be a break below 25,856; a slide under that level may pull the index toward the 10-week EMA near 25,636.

Overall, the outlook for the week leans toward consolidation with a slight upward bias if 26,250 is crossed.

Key Resistance: 26,250, 26,400

Key Support: 25,856, 25,636

Strategy: Buy Nifty Futures above 26,100, with a stop-loss below 26,050, targeting 26,250.

Bank Nifty - Outlook and Positioning

Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One

On the daily chart, Bank Nifty has formed a bearish “Evening Star” pattern, which, combined with overbought indicator readings, signals caution for the bulls. Although the broader structure of higher highs and higher lows remains intact, this candlestick formation increases the probability of a near-term corrective phase, either in terms of time or price.

Traders should avoid complacent positions and instead trade within key price ranges—buying on dips near support zones while booking profits near intraday hurdles. In this context, the 20-DEMA near the previous range breakout zone around 58,300 will act as a crucial support; below this, 58,000 and 57,600 remain important levels. On the upside, the 59,200–59,500 zone is likely to pose immediate resistance based on the candlestick pattern. With the expiry week ahead, traders should keep these levels in focus and plan trades accordingly.

Key Resistance: 59,200, 59,500

Key Support: 58,300, 58,000

Strategy: Buy Bank Nifty Futures on dips around 58,200–58,000 for a potential target of 59,200–59,500, with a stop-loss at 57,600.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Bank Nifty closed 350 points higher for the week and formed a bearish candle with a long upper shadow on the weekly chart, signalling selling pressure at higher levels. The index reached a new all-time high of 59,440 but faced profit booking at that level. For the uptrend to resume, it needs to decisively break and sustain above this high.

The previous breakout zone near 58,600 now serves as key support, and a close below it could open the door to further downside. A sustained move above 59,000 may fuel buying toward 59,450–60,000, while a break below 58,600 could trigger selling toward 58,300–58,000.

For the week ahead, we expect Bank Nifty to trade within a broad range of 60,000–58,000 with a mixed bias. The weekly RSI is sloping upward and remains above its reference line, reinforcing a positive undertone.

Key Resistance: 59,000, 59,200

Key Support: 58,600, 58,400

Strategy: Buy Bank Nifty Futures around 58,600, with a stop-loss at 58,400, targeting 58,900–59,000.

Anshul Jain, Head of Research at Lakshmishree Investments

Profit booking late in the week flipped the candle into a bearish shooting star, but similar patterns in mid-October failed to follow through and turned into bear traps that triggered sharp short covering. The current setup carries the same texture. A move above 59,200 on Bank Nifty can confirm the bear trap and open the path toward 60,000, which will be the next psychological and positional target.

Immediate support sits at the 10-day EMA near 58,777. A break below that can pull the index toward 58,600, which is the stronger floor for the week. Until either side breaks, traders should expect steady consolidation with rotations across sectors as the index digests recent gains.

Key Resistance: 59,200, 60,000

Key Support: 58,777, 58,600

Strategy: Buy Bank Nifty Futures above 59,200 (only) for an immediate upside of 59,600–60,000, with a stop-loss below 59,000.

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