Nifty Bank ended Wednesday's session at 59,216.05, marking a 0.54% rise and setting a new all-time high (ATH) by surpassing its previous peak of 59,103.65. Meanwhile, Nifty climbed to 26,052.65, gaining 0.55% after a flat start and steady rise throughout the session. The India VIX dropped by 1.01% to 11.97, indicating reduced volatility and a cautiously optimistic sentiment among traders.
The focus now shifts to the upcoming US jobs data release. According to Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, "In terms of levels, immediate support is seen around 25,850-25,800, and sustaining above this zone keeps the near-term bias firmly positive. Resistance remains at 26,100-26,150, which is the critical barrier before the index attempts a move toward the all-time high of 26,277.35. As long as Nifty holds above 25,800, a buy-on-dips strategy remains favourable, supported by both price structure and derivatives positioning."
Om Mehra, Technical Research Analyst at SAMCO Securities, noted that "Nifty Bank comfortably holds above the 9-EMA and 20-EMA, both of which are angled upward, confirming short-term strength." The index aligns with the Fibonacci projection towards 59,450, marking the 1.618 extension of the recent swing. With an RSI of 72, momentum remains strong without signs of exhaustion.
Mehra further explained that support has shifted higher to the range of 58,800-58,700. The next significant zone is near 59,450-59,500 based on Fibonacci projections. A consistent close above this area could lead to a move towards the psychological level of 60,000.
On Thursday, November 20th, Riyank Arora from Mehta Equities Ltd. recommended buying two stocks as Nifty remains securely above the middle Bollinger Band and comfortably above the 9-EMA and 20-EMA. This positioning indicates consistent upward momentum.
Wipro is forming a solid base near ₹238 and is gradually turning upward. Currently trading above its short-term averages, it signals trend improvement with RSI rising from lower levels supporting a positive bias. A move above ₹248 could extend gains toward ₹255 and ₹262 with a stop-loss set at ₹238.
TCS maintains a strong upward structure while staying well-supported above ₹3,080. Price action shows steady accumulation with bullish candles forming near resistance levels. Momentum indicators remain favourable with RSI in the positive zone. A breakout above ₹3,170 may lead to targets of ₹3,240 and ₹3,310 with a stop-loss at ₹3,080.
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