Nifty 50, Sensex today: What to expect from Indian stock market in trade on November 21 after Nasdaq, Nikkei sell-off

The key benchmark indices of the Indian stock market, Sensex and Nifty 50, are likely to open lower on Friday, tracking a sell-off in global markets.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 26,180 level, a discount of nearly 41 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended higher, with Nifty 50 closing near 26,200 level.

The Sensex surged 446.21 points, or 0.52%, to close at 85,632.68, while the Nifty 50 settled 139.50 points, or 0.54%, higher at 26,192.15.

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

Sensex Prediction

Sensex formed a bullish candle on daily charts and an uptrend continuation formation on intraday charts, indicating a further uptrend from the current levels.

“We believe that the current market texture is bullish, but buying on intraday dips and selling on rallies would be the ideal strategy for day traders. For Sensex, now 85,500 - 85,200 would act as key support zones, while 85,800 and 86,300 could be crucial resistance areas for the bulls. However, below 85,200, the uptrend would become vulnerable,” said Shrikant Chouhan, Head – Equity Research, Kotak Securities.

Nifty OI Data

From the derivatives perspective, the 26,000 strike continues to dominate as the highest Call Open Interest (OI), with 1.35 crore contracts, making it a strong immediate resistance. On the downside, the 25,500 strike holds 70.37 lakh Put OI, reinforcing it as a reliable support zone. This OI setup reflects a well-defined trading range for the index in the near term, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

The Put–Call Ratio (PCR) saw a noticeable dip, falling to 0.90 from 1.32, highlighting a shift toward cautious sentiment as call writing outpaced put additions. This declining PCR indicates traders are beginning to hedge for potential near-term consolidation or mild weakness, he added.

Nifty 50 Prediction

Nifty 50 has crossed the barrier of 25,100 and formed a bullish candle on the daily chart, indicating strength.

“The Nifty has convincingly breached the double-top resistance around 26,100 and closed just below 26,200. It continues to form higher tops and higher bottoms, with immediate support now rising to the 26,000 level. A fresh bullish crossover on the daily MACD indicates strengthening momentum,” said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking.

Given the constructive chart setup, he believes the Nifty 50 appears well-positioned to register a new record high and move toward the 26,400 – 26,500 zone in the near term.

Ponmudi R, CEO of Enrich Money said that broader trend remains constructive, supported by strong demand zones at 26,180, 26,070, and deeper support between 26,000 and 25,900.

“A breakout above 26,277 remains the next major trigger that could open the path toward 26,350 – 26,500 and higher,” said Ponmudi R.

Bank Nifty Prediction

Bank Nifty gained 131.65 points, or 0.22%, to close at 59,347.70 on Thursday, forming a small green candle with shadows on either side on the daily scale, reflecting uncertainty.

“Immediate support for the Bank Nifty index is seen near 59,120, while resistance is placed around 59,500 and 60,000 levels. Therefore, traders are advised to buy near support and book profits near the resistance levels mentioned above,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.

Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities said that the chart structure remains firmly positive, suggesting that the Bank Nifty index is likely to extend its northward journey in the near term.

“Key upside targets are placed at 59,700, followed by 60,300. On the downside, support levels have shifted higher, now positioned in the 59,000 – 58,900 zone, which is expected to act as a cushion against any short-term pullback,” said Shah.

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.