Trading Plan: Will Nifty 50 achieve its October high, Bank Nifty move toward 59,300 target?

Nifty Trading Plan for November 18

The Nifty 50 maintained its uptrend since last week, with momentum and technical indicators aligning with the market rally. Hence, sustaining above the 26,000 zone can take the index toward the October high (26,100), and above it, 26,277 (record high) is the level to watch. However, support is placed at the 25,900–25,800 zone. Meanwhile, the Bank Nifty entered uncharted territory, hitting 59,000 for the first time. The next targets to watch are 59,300 followed by 59,500, with support at the 58,600 and then 58,000 levels, according to experts.

On November 17, the Nifty 50 soared 103 points to 26,013, while the Bank Nifty jumped 445 points (0.76 percent) to 58,963. Market breadth was slightly in favour of the bulls, with about 1,480 shares gaining against 1,412 shares that were under pressure on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Nifty closed in positive territory in the last trading session and also managed to close above the 26,000 level, which is a positive sign in the near term. Now, surpassing the previous swing high (26,100) will provide further strength to the index going forward. On the lower side, the base has shifted from 24,800 to 25,300 levels, and until those levels are held, the short- to medium-term outlook remains positive.

The options data indicates that the bulls have an upper hand, as only the 26,000 strike has the highest Call base, and beyond that, there is no major hurdle. On the flip side, there have been aggressive Put additions at lower levels, indicating support at those levels. The PCR (Put-Call Ratio) has now jumped above 1, at 1.09, indicating a positive trend in the near term.

Key Resistance: 26,100, 26,300

Key Support: 25,800, 25,700

Strategy: Buy Nifty Futures at CMP and on dips near 25,900, with a stop-loss below 25,700, targeting 26,100 and 26,300.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

At the current juncture, the Nifty 50 has taken strong support near the 21 SMA on the daily chart, indicating that the ongoing uptrend remains intact. This moving average has acted as a reliable support zone, suggesting buyers are active on dips.

Additionally, the RSI is placed around 65 on the daily timeframe, signalling healthy bullish momentum without being overbought. Together, these indicators point toward the possibility of continued strength and positive movement in the coming sessions.

Key Resistance: 26,100, 26,300

Key Support: 25,900, 25,800

Strategy: Buy Nifty Futures near 26,000, with a stop-loss of 25,800, targeting 26,350.

Shitij Gandhi, Senior Research Analyst (Technical) at SMC Global Securities

The daily chart continues to display strong discipline, as Nifty respects its rising trendline support and holds well above key moving averages—signalling that the broader uptrend remains healthy. Price action highlights a clear pattern of higher lows, reflecting that buyers are actively defending every dip.

Technically, the index is comfortably positioned above the 25,800 Fibonacci support, which also coincides with the 38.2% retracement of the recent rally. On the upside, the next meaningful Fibonacci barrier lies in the 26,050–26,100 pocket.

Derivative data reinforces this structure, with dense Call open interest at the 26,000 and 26,200 levels, while aggressive Put writing at 25,700–25,800 creates a solid demand base beneath. Overall, the blend of chart strength, supportive price action, and open interest positioning keeps the bias firmly bullish. A decisive breakout above 26,100 could set the stage for a march toward the 26,350–26,400 zone.

Key Resistance: 26,100, 26,200

Key Support: 25,800, 25,700

Strategy: Buy Nifty Futures on dips near 25,900, with a stop-loss below 25,700, targeting 26,200.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Bank Nifty has also closed well above the 58,500 level now, and that was the only hurdle in the November series. Above these levels, the short-term outlook is quite positive for targets of 59,500 and 60,000. The support on the lower side is 58,000, and until those levels are held, the trend continues to be positive.

The options data indicates that the 58,000 and 58,500 strikes have the highest Put base, and until those levels are held, the bulls will have the upper hand. PSU banks have so far outperformed the private sector banks and Bank Nifty overall. Now, the private sector banks are also signalling a reversal from down to up, which will further push Bank Nifty upward.

Key Resistance: 59,500, 60,000

Key Support: 58,500, 58,000

Strategy: Buy Bank Nifty Futures on dips near 58,700, with a stop-loss below 58,000, targeting 59,500 and 60,000.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

From November 12 to 14, Bank Nifty consolidated in a narrow range between 58,000 and 58,600, indicating indecision among market participants. In the previous session, the index broke out above this consolidation zone and is now positioned comfortably above it, signalling renewed bullish strength.

The RSI on the daily chart is hovering near the 70–71 zone, reflecting strong momentum. Given this breakout and supportive momentum indicators, further upside movement in Bank Nifty is expected over the next few sessions.

Key Resistance: 59,300, 59,500

Key Support: 58,600, 58,300

Strategy: Buy Bank Nifty Futures on dips till 58,800, with a stop-loss of 58,500, targeting 59,600.

Shitij Gandhi, Senior Research Analyst (Technical) at SMC Global Securities

Bank Nifty kicked off the week on a steady note, holding its ground within a tight consolidation range following last week’s strong rebound. The index continues to move inside a well-defined rising channel, underscoring the durability of the ongoing uptrend. Staying comfortably above its 20-day and 50-day moving averages, Bank Nifty reflects healthy trend alignment, while the persistent formation of higher lows highlights strong buying support on every dip.

Price action suggests that the index is in a preparation phase and is building momentum for its next meaningful move. The lower band of the rising channel, around 58,700–58,500, remains a reliable support zone. With the broader structure tilted firmly in favour of the bulls, a breakout above the 59,100 level could ignite fresh upside, potentially extending the rally toward the 59,400–59,800 region in the near term.

Key Resistance: 59,200, 59,500

Key Support: 58,700, 58,500

Strategy: Buy Bank Nifty Futures on dips near 58,800, with a stop-loss below 58,500, targeting 59,400.

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