Nifty 50, Sensex today: What to expect from Indian stock market in trade on November 20 after Nvidia earnings

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking positive global market cues after Nvidia earnings led a rally in global tech and AI stocks.

The trends on Gift Nifty today indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around the 26,151 level, a premium of nearly 80 points from the Nifty futures’ previous close.

On Wednesday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 26,000.

The Sensex surged 513.45 points, or 0.61%, to close at 85,186.47, while the Nifty 50 settled 142.60 points, or 0.55%, higher at 26,052.65.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex formed a bullish candle on the daily charts, supporting further uptrend from the current levels.

“For day traders, 85,000 and 84,700 would be the key support zones. As long as Sensex trades above these levels, the bullish momentum is likely to continue. On the higher side, 85,500 would be the immediate resistance zone for the bulls. A successful breakout above 85,500 could push the index up to 85,800 - 86,000. On the flip side, if Sensex drops below 84,700, the uptrend could become vulnerable,” said Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Nifty OI Data

Derivatives data reflected strong call writing at the 26,200 strike, while maximum put open interest concentrated at 26,000, indicating notable overhead supply and firm demand at lower levels.

“While sentiment remains cautiously optimistic, a sustained close above 26,200 will be crucial to reinforce bullish momentum and open avenues for further upside in the coming sessions,” said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.

Nifty 50 Prediction

Nifty 50 has formed a bullish candle with a minor lower wick on the daily chart, indicating strong buying interest at lower levels.

“A long bull candle has been formed on the daily chart which indicates that Nifty 50 is placed on the verge of sharp breakout of crucial hurdle around 26,100 levels. Wednesday’s low of 25,856 could now be considered as a new higher bottom on the daily chart,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, a sustainable upside from here could open the next upside target of around 26,300 - 26,400 in the near term. Immediate support is placed at 25,850 levels.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities noted that Nifty 50 trades comfortably above its key short-term moving averages — the 20 & 50 EMA. The RSI, after hitting the 60 mark, has slightly moved up to 64, indicating improving momentum and strengthening bullish sentiment. The shrinking red histogram bars on the MACD suggest that bearish momentum is fading and the index may be gearing up for further upside in the coming sessions.

“Looking at key levels, the 26,100 - 26,150 zone is expected to act as a crucial resistance. A sustained move above 26,150 could drive the index towards 26,350. On the downside, the 25,850 - 25,800 zone is expected to act as a strong support for the Nifty 50 index,” said Shah.

Om Mehra, Technical Research Analyst, SAMCO Securities said that the support for Nifty 50 is now placed around 25,850 – 25,800, and holding above this belt keeps the near-term outlook favourable.

“On the higher side, 26,100 – 26,150 remains the resistance zone, which is the key barrier before a move toward the all-time high at 26,277.35. As long as Nifty 50 sustains above 25,800, a buy-on-dip approach remains suitable,” said Mehra.

Bank Nifty Prediction

Bank Nifty index ended 316.80 points, or 0.54%, higher at 59,216.05, forming a bullish candle on the daily chart, indicating strengthening momentum.

“Immediate support is placed near 58,580, while resistance around 59,220 levels, where the trendline hurdle exists. A sustained move above 59,220 could drive the index toward the 59,500 – 59,700 zone. Traders are therefore advised to await a confirmed breakout before initiating further long positions,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.

According to Bajaj Broking Research, Bank Nifty index continues to show relative strength compared to the Nifty, indicating sustained buying interest, particularly in heavyweight and PSU banking stocks.

“We expect the Bank Nifty index to retain its positive momentum and move towards the 59,800 level in the coming sessions, based on the measuring implication of the recent range breakout. Meanwhile, the 58,500 – 58,200 zone is likely to act as a crucial support area, with the previous resistance now expected to serve as support,” said Bajaj Broking Research.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.