Given the Nifty chart setup favouring bulls and all major moving averages aligning positively, with momentum indicators flashing strong buy signals, the Nifty 50 is expected to reclaim 26,100 (October high) provided it holds the psychological 26,000 zone. Above 26,100, 26,300 (near record high) can’t be ruled out; however, immediate support is placed at the 25,950–25,850 zone. Meanwhile, the Bank Nifty, having entered uncharted territory, is expected to march toward the 59,500–59,600 zone, with support at the 58,800–58,700 levels, experts said.
On November 19, the Nifty 50 soared 143 points (0.55 percent) to 26,053, while the Bank Nifty jumped 317 points (0.54 percent) to 59,216, despite bears dominating the market breadth. A total of 1,581 shares declined against 1,253 rising shares on the NSE.
Nifty Outlook and Strategy
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
The benchmark index Nifty recently found strong support near its 50-day EMA and staged a steady recovery. Now it stands just a stone’s throw away from rewriting history by reclaiming its all-time high (26,277). This impressive comeback has been accompanied by strong sectoral participation, with Nifty Bank and Nifty Midcap 100 already scaling fresh record highs, signalling robust underlying strength in the broader market.
However, the story isn’t uniform across the spectrum. While the large-cap and mid-cap spaces are basking in bullish momentum, Nifty Small Cap 100 has notably underperformed, still trailing more than 8 percent below its previous all-time high. In comparison, Nifty itself is less than 1 percent away from its lifetime high, underscoring the divergence between market segments.
Technically, the setup of the Nifty chart remains firmly in favour of the bulls. All major moving averages are aligned positively, and momentum indicators are flashing strong buy signals. The daily RSI, which recently found support near the 60 mark, has staged a sharp rebound— a classic bullish sign as per RSI range-shift rules. Adding further conviction, the MACD histogram has turned positive on both daily and weekly charts, reinforcing the strength of the ongoing trend.
Going ahead, the short-term outlook suggests that Nifty is likely to test the 26,200 level, with potential to extend gains toward the 26,350 level. On the downside, the zone of 25,900–25,850 will serve as a critical support area, cushioning any near-term pullbacks.
Key Resistance: 26,200, 26,350
Key Support: 25,900, 25,850
Strategy: Buy Nifty Futures at around 26,020–26,080, with a stop-loss of 25,880, targeting 26,250.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking
The Nifty index resumed its uptrend after a brief pause and reclaimed the 26,000 mark on a closing basis. Immediate support is placed at the 21-DMA near 25,820, which is expected to act as a strong cushion.
On the upside, the next key resistance is at 26,100, aligning with a double-top formation. A decisive breakout above this level could open the door for a move toward 26,250, followed by a potential new record high near 26,400 in the short term.
Momentum indicators and oscillators have also triggered a fresh buy crossover on the daily chart, reinforcing the bullish setup. Overall, the trend remains positive, and a buy-on-dips approach continues to be favoured.
(Spot levels)
Key Resistance: 26,100, 26,250
Key Support: 25,860, 25,740
Strategy: Buy Nifty Futures in the range 26,000–26,050, with a stop-loss of 25,910, targeting 26,250.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained strong throughout the day on Wednesday as it found support at the 50 EMA on the hourly chart and staged a smart recovery. Additionally, a falling-channel breakout is visible on the hourly chart, suggesting rising optimism. The index has posted six positive closes in the last eight sessions, indicating underlying market strength.
The India VIX is comfortably positioned below the 200 DMA, again pointing towards prevailing investor confidence in Indian risk-on sentiment. The daily RSI (14) is in a bullish crossover and remains above 60. Overall, sentiment looks positive, with a potential move toward 26,250 in the near term. On the lower end, support is placed at 25,850.
From a longer-term perspective, the index appears to be preparing for a significant move, as it has begun rising after retesting a rising trendline on the weekly timeframe, confirming the prevailing uptrend. In the short to medium term, the index may move toward 26,850 and higher, while support on the lower end is placed at 25,700.
Key Resistance: 26,250
Key Support: 25,850
Strategy: Buy Nifty 26,100 strike Call of November 25 expiry at Rs 130, with a stop-loss of Rs 100 and a target of Rs 190.
Bank Nifty - Outlook and Positioning
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
Bank Nifty has extended its strong northward journey, hitting a fresh all-time high on Wednesday and forming a bullish candle with a long lower shadow. The index continues to outperform, supported by strength in heavyweight banking stocks and positive sectoral cues. Technically, the setup remains robust. All major moving averages and momentum indicators are aligned in favour of the bulls, suggesting that the trend is firmly intact. The price action reflects sustained demand, and the breakout above previous highs adds conviction to the ongoing rally.
In the short term, Bank Nifty is expected to maintain its upward trajectory and test 59,600, with potential to extend gains toward the 60,200 level. On the downside, the 58,800–58,700 zone will act as a critical support area, cushioning any near-term pullbacks. Overall, the banking index continues to lead the charge in the broader market rally, and technical signals point toward further upside in the days ahead.
Key Resistance: 59,600, 60,200
Key Support: 58,800, 58,700
Strategy: Buy Bank Nifty Futures at around 59,200–59,300, with a stop-loss of 58,800, targeting 60,000.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking
Bank Nifty continued its higher-top, higher-bottom formation and climbed to fresh record highs. It closed above the 59,000 mark on the spot, which now serves as immediate psychological support, followed by 58,500. The overall structure remains bullish, with near-term upside potential toward the 60,000 level.
Momentum indicators and oscillators on the weekly chart also remain firmly in buy mode, reinforcing the positive trend.
(Spot levels)
Key Resistance: 59,510, 60,000
Key Support: 58,700, 58,200
Strategy: Traders may consider initiating long positions in Bank Nifty Futures in the 59,100–59,200 zone, with a stop-loss placed below 58,700, targeting 59,600–60,000.
Rupak De, Senior Technical Analyst at LKP Securities
Bank Nifty has given a consolidation breakout on the weekly chart, suggesting rising optimism in the space. Additionally, the index had given a swing-high breakout a few weeks ago and has so far managed to sustain above the breakout level. It has also been trading above the 21 EMA on the daily chart, indicating a prevailing uptrend. The weekly RSI is in a bullish crossover as well.
Overall, sentiment in the space looks positive, with the potential for the index to move toward 60,300 in the short term. On the lower end, support is placed at 58,700.
Key Resistance: 60,300
Key Support: 58,700
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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