Market Overview

Indian equity markets extended their winning streak for the second straight session on Friday, led by strong buying across banking, financials, and IT stocks. The Nifty 50 advanced 31 points to close at 25,910, while the Bank Nifty gained 134 points to end at 58,518, marking a new record closing high.

The broader sentiment remained positive as investors continued to accumulate quality stocks on dips amid robust quarterly earnings and firm global cues. The Nifty Midcap 100 and Smallcap 100 indices gained 0.46% and 0.39%, respectively, showing healthy participation across sectors.

Experts believe the market tone remains bullish, supported by easing volatility and steady institutional flows.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 25,910

• Resistance (Pivot Points): 25,940 / 25,987 / 26,063
• Support (Pivot Points): 25,788 / 25,740 / 25,664

Market View:

The Nifty 50 formed a long bullish candle with above-average volume, confirming renewed buying momentum after a brief pause. The index continued to trade above all major moving averages and within the upper Bollinger Band, reflecting strong upward momentum.

Momentum indicators also support the bullish view — the RSI stood at 62.24 with a bullish crossover, while the Stochastic RSI remained in a positive zone. The MACD is inching closer to the signal line, and the histogram is nearing the zero mark, both hinting at strengthening trend continuation.

Outlook: The index looks poised to test 26,000–26,100 levels, with support seen around 25,740–25,750.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 58,518

• Resistance (Pivot Points): 58,592 / 58,720 / 58,926
• Support (Pivot Points): 58,180 / 58,052 / 57,846
• Resistance (Fibonacci Retracement): 58,735 / 60,142
• Support (Fibonacci Retracement): 57,430 / 56,688

Market View:

The Bank Nifty continued its strong upward journey, forming a long bullish candle on the daily chart and sustaining above the falling trendline, which now acts as crucial support. The index also reached the upper end of the Bollinger Band, signaling an extended uptrend.

Momentum indicators remain robust — the RSI (67.08) maintains a positive crossover, and the Stochastic RSI sustains its bullish signal. The MACD histogram continues to show fading weakness, confirming strength in the trend.

Outlook: Bank Nifty remains in a clear uptrend with support at 58,100–58,200 and potential upside toward 58,900–59,000.

Setup 3 — Nifty Call Options Data

• Maximum Call OI: 26,000 strike (1.36 crore contracts) — acting as a strong resistance zone.
• Followed by: 26,500 (1.03 crore) and 26,200 (91.6 lakh).
• Maximum Call Writing: Seen at 26,000 (+43.69 lakh), 25,800 (+35.94 lakh), and 26,300 (+34.86 lakh).
• Maximum Call Unwinding: Observed at 25,500 (-1.12 lakh), 25,400 (-1.10 lakh), and 25,600 (-98,325).

Interpretation:
Call writers remain active around the 26,000–26,200 zone, making it a key resistance band in the short term.

Setup 4 — Nifty Put Options Data

• Maximum Put OI: 25,500 strike (87.49 lakh contracts) — key support.
• Followed by: 25,800 (83.6 lakh) and 25,700 (79.56 lakh).
• Maximum Put Writing: Seen at 25,700 (+32.85 lakh), 25,750 (+21.45 lakh), and 25,600 (+20.66 lakh).
• Maximum Put Unwinding: Occurred at 26,500 (-55,500), 26,200 (-48,675), and 26,300 (-39,375).

Interpretation:
Aggressive Put writing near 25,700–25,800 levels reflects strong base formation and bullish undertone.

Setup 5 — Bank Nifty Call Options Data

• Maximum Call OI: 58,500 strike (19.33 lakh contracts) — immediate resistance.
• Followed by: 60,000 (12.32 lakh) and 59,000 (11.64 lakh).
• Maximum Call Writing: Seen at 58,500 (+2.88 lakh), 59,000 (+92,225), and 60,000 (+88,585).
• Maximum Call Unwinding: Observed at 58,000 (-2.43 lakh), 58,200 (-46,270), and 58,400 (-40,215).

Interpretation:
Call writers continue to hold ground at 58,500–59,000, signaling consolidation near record highs before a potential breakout.

Setup 6 — Bank Nifty Put Options Data

• Maximum Put OI: 58,500 strike (17.3 lakh contracts) — key support level.
• Followed by: 58,000 (14.55 lakh) and 57,000 (11.77 lakh).
• Maximum Put Writing: Seen at 58,500 (+1.32 lakh), 56,800 (+36,155), and 58,600 (+31,640).
• Maximum Put Unwinding: Occurred at 58,400 (-44,660), 57,700 (-36,995), and 57,800 (-25,060).

Interpretation:
The strong Put writing at 58,500 reflects continued confidence among bulls that the index will maintain its upward trajectory.

Setup 7 — Put-Call Ratio (PCR)

The Nifty PCR slipped to 0.92 on November 14, compared to 1.10 in the prior session, indicating mild profit booking and some hedging at higher levels.

Interpretation:
While the ratio remains above the neutral zone, the dip in PCR suggests a cautious phase of consolidation before the next directional move.

Setup 8 — India VIX

The India VIX, which gauges near-term market volatility, fell 1.85% to 11.94, staying comfortably below its 10- and 100-day EMAs.
Low volatility levels provide comfort for the bulls, indicating a stable environment for risk-taking.

Interpretation:
A sustained VIX below 12 reinforces bullish sentiment and reduces the likelihood of sharp short-term corrections.

Setup 9 — Strategy for the Day by Dhwani Patel

• Nifty 50: Maintain long positions above 25,800 for targets of 26,000–26,100.
• Bank Nifty: Stay long above 58,200, aiming for 58,900–59,100.
• Use a strict stop-loss at 25,740 (Nifty) and 58,000 (Bank Nifty).
• Continue a buy-on-dips approach, especially near support zones.

Key Takeaways

Index	Bias	Bullish Above	Bearish Below	Range
Nifty 50	Bullish	25,800	25,700	25,700–26,100
Bank Nifty	Positive	58,200	57,900	57,900–59,000

Dhwani Patel’s Market Insight

“The market’s structure continues to strengthen as both indices sustain above key moving averages. Traders should maintain a bullish bias with strict trailing stops and focus on quality momentum setups.”

Disclosure & Disclaimer: Dhwani Patel (SEBI Registration No: INH200008608) is a SEBI-registered Research Analyst. This content is intended solely for educational and informational purposes and should not be construed as investment advice. Investing in equities involves risks; please consult a certified financial advisor before taking any investment decisions.