Indian equities are likely to have a soft start on Tuesday as the global cues remain weak. Early indications from Gift Nifty, trading near 26,008, suggest a mildly negative opening of around 52 points below the previous session’s Nifty futures close.
Domestic markets recovered smartly on Monday, with the Nifty 50 closing once again above the 26,000 mark. The Sensex surged 388.17 points or 0.46% to close at 84,950.95 while the Nifty 50 was up 103.40 or 0.40% at 26,013.45.
Sensex: What to Expect Today
The Sensex continues to show strength on both daily and intraday charts as seen from the bullish candle formed in the previous session.
- According to analysts, 84,500 is a vital support zone for day traders.
- Above 84,500, the index can extend gains toward 85,200 and even to 85,500–85,700.
- Below 84,500, the uptrend may start weakening.
According to Mayank Jain of Share.Market, support for the Sensex is at 84,500-84,400, while a sustained move beyond 85,100-85,200 may trigger another leg of buying.
Nifty OI Data: Derivatives Suggest Support at Lower Levels
Option data of the Nifty reflects:
- Heavy call writing at 26,050 and 26,200
- Maximum put OI at 25,900
- This points to strong support at lower levels and resistance
near 26,050.
and aim for further highs, said Amruta Shinde of Choice Equity Broking.
Outlook on the Nifty 50
The Nifty 50 has formed a bullish candle with a minor lower shadow, indicating that the index is trying to break past the resistance zone of 26,100.
Nagaraj Shetti of HDFC Securities said the market has been making higher tops and bottoms, which confirms the sustained uptrend. The opening gap on November 12 remains partially unfilled; this indicates the possibility of a runaway gap, which is normally witnessed mid-trend and is considered bullish.
A decisive move above current levels could propel the Nifty toward 26,300–26,400 levels in the short run. Immediate support rests at 25,900.
Nilesh Jain of Centrum Broking has pegged resistance at 26,100, followed by 26,280, while support is seen continuously moving upward with the 21-DMA now near 25,790. Any pullback, he said, is likely to attract buyers.
Share.Market’s Mayank Jain sees near-term resistance at 26,100–26,200 and support between 25,800–25,700.
Bank Nifty Outlook
Bank Nifty concluded Monday's session with a robust 0.76 percent gain, at 58,962.70, forming a bullish candle on the daily chart.
Sudeep Shah of SBI Securities said the index has convincingly broken out of its consolidation phase, which indicates more upside. He believes the index will first test 59,500, followed by 59,900.
The support has now shifted to 58,700–58,600, which is expected to act as a firm base for any intraday pullbacks.
According to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates, support is at 58,580 and resistance is at 59,200. His trading recommendation is to buy on dips near support and sell-exit near resistance.
Disclaimer: These views are based on analyst commentary and
brokerage inputs. Investors should consult certified financial advisors before
taking any market-related decisions.
