Amruta Shinde, Technical Analyst, Choice Broking
Indian equities are poised for a positive opening on November 20, with the GIFT Nifty indicating a start near 26,139—about 69 points higher. Broader sentiment remains cautiously optimistic amid mixed global cues and a lack of significant domestic triggers. In the immediate term, traders will keep a close watch on global equity trends, crude oil price movements, and institutional flow patterns to gauge market direction.
The Nifty continues to display resilience, having recovered nearly 220 points from the previous session’s low and forming a strong bullish candle that signals firm buying interest and the potential for continued upside. Immediate resistance is placed at 26,150, followed by 26,200, while the 25,900–25,950 zone is expected to act as a solid support region and a preferred accumulation area for positional participants.
The Bank Nifty also remained robust, marking a fresh all-time high near 59,264 and forming a strong bullish candle that underscores sustained momentum. Critical support is seen at 58,900. Conversely, resistance is positioned at 59,300, and a decisive breakout above this zone could pave the way for a move towards 59,500.
Flows turned supportive, with Foreign Institutional Investors (FIIs) recording net purchases of Rs 1,580 crore on November 19, while Domestic Institutional Investors (DIIs) added Rs 1,360 crore.
In light of ongoing volatility and global uncertainty, traders are advised to adopt a selective buy-on-dips approach while exercising caution with leverage. Tight trailing stop-losses and partial profit-booking are recommended for effective risk management, and fresh long positions should be considered only above 26,100, with close attention to global cues and key technical levels.