Nifty 50, Sensex today: What to expect from stock market indices in trade on November 28

Today's mixed global cues indicated a somewhat muted start for the domestic benchmark indices, the Sensex and Nifty 50. The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty opened at around 19,868 level, 0.6% higher, as compared to the Nifty futures’ previous close of 19,856.50.

Even though Asian stocks had a mixed start, they eventually moved slightly higher on Tuesday. Meanwhile, the dollar was at its lowest point in three months as investors continued to believe that the Federal Reserve had completed its cycle of rate hikes and were anticipating an important inflation report later this week, according to reports.

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On Friday, Sensex and Nifty 50 ended flat on Friday weighed down by a slide in information technology (IT) and fast-moving consumer goods (FMCG) stocks in the midst of mixed global cues. On the other side, metal, pharma, and bank stocks rose.

The 30-share BSE Sensex ended lower by 47.77 points or 0.07% at 65,970.04 level while the Nifty 50 closed at 19,794.70 level, down 7.30 points or 0.04%.

Also Read: Stock market today: Sensex, Nifty 50 end flat amid mixed global cues; Pharma, metals gain, IT, FMCG stocks fall

According to technical analysts, the key indices experienced a sluggish week, with minimal momentum and prices maintaining a narrow trading range. Despite the lack of significant movements, the Nifty 50 managed to extend its weekly winning streak, securing a 0.34% gain and closing just below the 19,800 mark.

Also Read: Stocks to Watch: TCS, Maruti, Paytm, Wipro, PB Fintech, Eicher

Nifty Call/Put Option Data

According to Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities, in the previous session, the Futures Open interest (OI) indicated build-up of fresh short positions in the Index futures for two consecutive days.

“Nifty has been taking resistance around the 70.7% Fibonacci retracement level of 19,818 since six out of the last five trading sessions, drawn from the high of 20,222 made on 15th September to the low of 18,838 made on 26th October. Nifty has failed to sustain above the key level of 19,800. Both the call & put writers have been battling out at the 19,800 Strike in Nifty. The option activity at 19,800 Strike is likely to set the tone for the next leg of rally in Nifty,” explained Ramani.

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Nifty 50 

According to Rupak De, Senior Technical analyst at LKP Securities, the Nifty 50 has encountered difficulty surpassing the resistance range of 19,850-19,900. On the downside, 19,700 has held as a near-term support level. As long as there's no breakout, the index is expected to continue moving sideways. A decline below 19,700 could potentially trigger a market correction. Conversely, a clear move above 19,900 might prompt a significant rally, potentially driving the index towards a new all-time high.

Also Read: Sensex Today | Share Market Live Updates: GIFT Nifty hints at muted start for Indian indices

Bank Nifty

Arvinder Singh Nanda, Vice President of Master Capital Services Ltd stated that as for Bank Nifty, with minor gains Bank Nifty closed the week around 43,800. We are expecting prices to drift with a sideways to higher tendency. With the validation of its recent swing low of 43,200, buying can be initiated from lower levels near 43,000. Where 44,200 will act as an immediate resistance.

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