Market Overview

Indian equity markets displayed consolidation on Thursday after a strong three-day rally. The Nifty 50 ended almost flat amid volatility, reflecting cautious sentiment ahead of key macroeconomic data.

The index moved in a narrow range throughout the session, closing marginally higher at 25,879, while the Bank Nifty gained modestly to finish at 58,382 after touching an intraday record high of 58,616.

Despite limited movement, buying interest remained intact in banking and IT counters, while mild profit booking was seen in select FMCG and consumer stocks.
Broader indices ended on a mixed note, with the Nifty Midcap 100 up 0.28% and the Smallcap 100 lower by 0.12%, suggesting a balanced market tone.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 25,879

• Resistance (Pivot Points): 25,977 / 26,024 / 26,102
• Support (Pivot Points): 25,822 / 25,774 / 25,697

Market View:

The Nifty 50 formed a small bearish candle with both upper and lower shadows — a high-wave or Doji-like formation, signaling indecision between bulls and bears.

Short-term moving averages trended upward, and the RSI climbed to 61.36, showing a positive crossover. The Stochastic RSI sustained a bullish bias, while weakness in the MACD histogram faded further even though the MACD remained below the signal line.

Outlook: As long as the index stays above 25,770–25,800, the structure remains healthy. A breakout above 26,000 could lead to a rally toward 26,150, while immediate support lies near 25,700.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 58,382

• Resistance (Pivot Points): 58,562 / 58,677 / 58,864
• Support (Pivot Points): 58,188 / 58,073 / 57,886
• Resistance (Fibonacci Retracement): 58,735 / 60,142
• Support (Fibonacci Retracement): 57,423 / 56,685

Market View:

The Bank Nifty sustained well above its earlier resistance trendline — which has now turned into strong support. The index reached a fresh intraday high of 58,616, forming a bullish candle with an upper shadow, showing profit-booking at higher levels.

Momentum remains strong as the RSI (65.61) crossed above the reference line, indicating renewed strength. The Stochastic RSI maintained its bullish crossover, while the MACD stayed above the zero line despite its bearish signal — with the histogram weakening less sharply.

Outlook: The banking index shows strong support around 58,100–58,200, with the potential to test 58,800–59,000 in the near term.

Setup 3 — Nifty Call Options Data

• Maximum Call OI: 26,000 strike (92.4 lakh contracts) — acting as major resistance.
• Next Resistance Levels: 26,500 (89.43 lakh) and 26,200 (62.9 lakh).
• Maximum Call Writing: 26,500 (+27.18 lakh), 26,000 (+24.09 lakh), and 26,200 (+22.02 lakh).
• Maximum Call Unwinding: 25,800 (-7.65 lakh), 25,700 (-5.69 lakh), and 25,600 (-3.77 lakh).

Interpretation:
Call writers continue to defend the 26,000–26,200 zone, making it a key resistance band for the near term.

Setup 4 — Nifty Put Options Data

• Maximum Put OI: 25,500 strike (77.82 lakh contracts) — strong support zone.
• Next Support Levels: 25,800 (68.8 lakh) and 25,900 (58.88 lakh).
• Maximum Put Writing: 25,500 (+17.49 lakh), 25,300 (+11.14 lakh), and 26,000 (+8.82 lakh).
• Maximum Put Unwinding: 25,350 (-10.54 lakh), 25,550 (-9.76 lakh), and 25,600 (-8.14 lakh).

Interpretation:
Put writers are reinforcing positions around 25,500, which remains a critical support level for the index.

Setup 5 — Bank Nifty Call Options Data

• Maximum Call OI: 58,500 strike (16.44 lakh contracts).
• Next Resistance Levels: 60,000 (11.44 lakh) and 58,000 (10.99 lakh).
• Maximum Call Writing: 58,500 (+1.28 lakh), 59,000 (+57,365), and 58,700 (+42,035).
• Maximum Call Unwinding: 58,000 (-2.37 lakh), 58,300 (-57,540), and 58,900 (-42,700).

Interpretation:
The 58,500 strike continues to act as a major ceiling, with significant short build-up observed at higher strikes.

Setup 6 — Bank Nifty Put Options Data

• Maximum Put OI: 58,500 strike (15.98 lakh contracts).
• Next Support Levels: 58,000 (14.62 lakh) and 57,000 (11.79 lakh).
• Maximum Put Writing: 58,500 (+44,345), 58,700 (+39,340), and 58,400 (+38,955).
• Maximum Put Unwinding: 57,600 (-50,330), 57,000 (-39,025), and 58,800 (-22,435).

Interpretation:
Strong Put writing between 58,400–58,700 suggests robust support for the index and reduced downside risk.

Setup 7 — Put-Call Ratio (PCR)

The Nifty PCR dropped to 1.10 on November 13 from 1.23 in the previous session.
A declining PCR signals a rise in call writing and mild profit-booking at higher levels, reflecting short-term caution amid the broader bullish trend.

Interpretation:
While momentum remains positive, traders are likely hedging positions ahead of weekend volatility.

Setup 8 — India VIX

The India VIX, a measure of near-term market volatility, edged slightly higher by 0.43% to 12.16 but remained below the 13-mark and under its 10-day EMA.
This reflects continued comfort for the bulls and minimal risk of a sudden sharp correction.

Interpretation:
As long as the VIX stays below 13, markets are likely to maintain a stable-to-positive tone.

Setup 9 — Strategy for the Day by Dhwani Patel

• Maintain a buy-on-dips approach above 25,750 for Nifty with targets of 26,000–26,100.
• In Bank Nifty, stay long above 58,100, aiming for 58,800–59,000.
• Avoid aggressive shorting unless Nifty slips below 25,700 or Bank Nifty below 57,900.

Key Takeaways

Index	Bias	Bullish Above	Bearish Below	Range
Nifty 50	Positive	25,900	25,700	25,700–26,050
Bank Nifty	Bullish	58,100	57,900	57,900–58,900

Dhwani Patel’s Market Insight

“The overall trend continues to favor the bulls, though mild profit booking at higher levels can’t be ruled out. Traders should watch for sustained moves above key resistance levels while keeping trailing stop-losses in place to protect gains.”

Disclosure & Disclaimer: Dhwani Patel (SEBI Registration No: INH200008608) is a SEBI-registered Research Analyst. This content is meant solely for educational and informational purposes. It should not be considered investment advice. Trading and investing in securities involve market risk — please consult a certified financial advisor before making any financial decisions.