The Indian stock market is expected to open cautiously today, November 21, following weak global cues. Gift Nifty, which indicates market trends, is showing a slight positive start, trading at around 23,560—25 points higher than the previous Nifty futures close.
Market Recap: November 19 Closure
On Tuesday, the Indian stock market ended a seven-day losing streak:
- Sensex: Gained 239.37 points (+0.31%) to close at 77,578.38.
- Nifty 50: Added 64.70 points (+0.28%) to settle at 23,518.50.
Despite this recovery, Nifty 50 formed a weak candlestick pattern, hinting at limited strength in the bounce.
Expert Views on Market Outlook
Osho Krishnan, Senior Analyst at Angel One, suggests that markets remain volatile and lack strong direction. He advises traders to avoid aggressive moves and focus on global developments for better clarity.
Rupak De, Senior Technical Analyst at LKP Securities, highlights key levels for Nifty 50:
- Support: 23,350.
- Resistance: If Nifty stays above 23,500, it could climb to the 23,700–23,800 range.
VLA Ambala, Co-Founder of Stock Market Today, recommends a cautious “sell on rise” strategy for traders. She notes that Nifty has shown signs of a bullish swing but warns of potential sell-offs in the months ahead.
Nifty 50 Technical Levels
- Support: 23,420 and 23,300.
- Resistance: 23,750 and 23,880.
Bank Nifty Outlook
On Tuesday, the Bank Nifty index gained 262.70 points (+0.52%) to close at 50,626.50, forming a Doji-like candlestick.
Vaishali Parekh, VP of Technical Research at Prabhudas Lilladher, highlights key levels for Bank Nifty:
- Support: 49,800 (a crucial 200-MA level).
- Resistance: 51,000.
VLA Ambala also identifies:
- Support: 50,250 and 50,000.
- Resistance: 50,650 and 50,800.
Key Takeaway
The market bias remains cautious. Traders are advised to keep a close eye on 23,750 for Nifty and 51,000 for Bank Nifty as these levels could determine the next market direction. A stock-specific approach is recommended for intraday trading.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
