The weekly options data suggested that the Nifty 50 is likely to trade within the 25,500–26,000 range in the short term.
Nifty outlook for November 13
The Nifty 50 saw a gap-up opening and staged a stellar performance after exit polls suggested the NDA’s victory in the Bihar assembly elections. The index not only sustained above all key moving averages but also witnessed momentum indicators turning positive. Given the improved sentiment, experts expect the index to reach 26,000–26,100 in the upcoming sessions, despite intermittent consolidation. Immediate support is placed in the 25,670–25,700 zone, according to analysts.
The Nifty 50 saw a gap-up opening and staged a stellar performance after exit polls suggested the NDA’s victory in the Bihar assembly elections. The index not only sustained above all key moving averages but also witnessed momentum indicators turning positive. Given the improved sentiment, experts expect the index to reach 26,000–26,100 in the upcoming sessions, despite intermittent consolidation. Immediate support is placed in the 25,670–25,700 zone, according to analysts.
The Nifty opened higher by more than 100 points and climbed up to 25,935 as the day progressed. The index witnessed some profit booking in the last hour of trade, but the overall trend remained strong. It rallied 181 points (0.7 percent) to finish at 25,876, forming a bullish candle with upper and lower shadows on the daily timeframe — a pattern indicating continuation of the uptrend despite volatility.
Momentum indicators supported the bullish view. The RSI, at 61.27, is on the verge of a bullish crossover, while the Stochastic RSI sustained its positive crossover. The MACD inched higher but remained below the reference line, with the weakness in the histogram fading further.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, if the present opening gap remains unfilled for the next 2–3 sessions, it could be considered a bullish runaway gap, which is typically formed in the middle of a trend.
Shetti added that the next upside targets are around 26,100–26,200 levels for the coming sessions, with immediate support placed at 25,700.
The weekly options data suggested that the Nifty 50 is likely to trade within the 25,500–26,000 range in the short term.
The maximum Call open interest (OI) was placed at the 26,000 strike, followed by 26,500 and 25,900, with maximum Call writing at the 26,700, 25,900, and 26,000 strikes. On the Put side, the 25,800 strike held the highest open interest, followed by 25,500 and 25,600, while maximum Put writing was seen at the 25,800, 25,900, and 25,850 strikes.
Bank Nifty
The Bank Nifty also showed a healthy trend, rallying up to the 58,500 zone. The index managed to hold above the falling resistance trendline (just above 58,250), though it could not sustain all its gains due to profit booking, and finally ended at 58,275, up 136 points.
Although the index formed a bearish candle on the daily timeframe, it continued its higher-high structure for the fourth consecutive session and sustained above all key moving averages. The RSI rose to 64.44, though it remained below the reference line, while the Stochastic RSI maintained a bullish crossover. The MACD stayed below the reference line, but the weakness in the histogram faded further — collectively indicating positive momentum.
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the 57,900–57,800 zone will act as immediate support for the banking index. A breach below 57,800 could extend the decline toward 57,400. Conversely, the 58,500–58,600 zone remains a critical resistance, and a sustained breakout above 58,600 could drive the index toward 59,000 levels in the short term.
Meanwhile, the India VIX, the volatility index, dropped to 12.11, down 3.04 percent, providing comfort to the bulls. A further fall below the 11.5 zone could bring the bulls deeper into the comfort zone, experts added.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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