While the Bank Nifty index gained 200.60 points to settle at 58,138.15, forming a higher low on the daily chart and finishing above the psychologically significant 58,000 mark, the Nifty index continued its gains by 120.60 points to close at 25,694.95 on Tuesday, indicating a higher-low formation and a clear close above the 25,500 mark.
Macro prints, especially the inflation and industrial output statistics that are coming later this week, will probably determine the direction of the market in the short future.
Nifty Outlook Today
“The Nifty has displayed a commendable recovery, forming a sturdy base near its critical support zone and breaking out of its descending trendline – both of which strengthen the short-term technical outlook. However, persistent FPI outflows over the last eight sessions in both cash and futures segments continue to inject a note of caution into the broader sentiment,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
“While call writers maintain dominance at higher strike prices, the aggressive addition of put positions at lower levels indicates a balanced tug-of-war between bulls and bears, keeping the near-term outlook neutral to range-bound. A decisive move above 25,800 will be crucial to reignite strong bullish momentum, while a drop below 25,350 could reintroduce downside risks. Until then, traders are advised to remain prudent, focusing on breakouts beyond the consolidation band while maintaining a disciplined approach in the near term,” he further added.
Bank Nifty Outlook Today
“The index has witnessed a notable recovery, carving out a strong base near its vital support zone while breaking above its bullish flag pattern, thereby keeping the broader technical structure constructive. Sustained buying interest would further confirm the continuation of bullish momentum in the sessions ahead. While call writers dominate at higher strikes, the aggressive addition of put positions at lower levels signals emerging accumulation by buyers, hinting at a gradual transition toward equilibrium. Overall, the setup indicates that sellers continue to book profits on rallies, whereas buyers are selectively accumulating near support levels, keeping the short-term trend range-bound with a positive bias,” commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
“A decisive close above 58,200 will be key to reaffirming bullish control and extending the upward move. Until then, the outlook remains neutral to mildly positive, while a breakdown below 57,400 could invite renewed selling pressure. Traders are advised to remain disciplined, focusing on breakouts beyond the current consolidation range before taking directional positions in the coming sessions,” he added.
Stocks To Buy Today
Technical analyst Riyank Arora of Mehta Equities Ltd. suggested purchasing two stocks on Wednesday, November 12, following the Nifty’s recovery from the 0.50 Fibonacci retracement level and its recovery of both its 10- and 20-day exponential moving averages (DEMA).
Swiggy
Buy | CMP: Rs 394 | SL: Rs 375 | Target: Rs 425 / Rs 440
Swiggy is witnessing a steady recovery, forming a strong base around ₹375. The stock is gaining traction with rising volumes and improving RSI. Sustaining above ₹394 could trigger an upward move toward ₹425 and ₹440. The broader trend remains positive, and traders can consider accumulating with a stop-loss at ₹375 to manage risk effectively.
Amber Enterprises
Buy | CMP: Rs 7,144 | SL: Rs 6,950 | Target: Rs 7,500 / Rs 7,700
Amber Enterprises is in a strong uptrend, backed by robust buying interest and firm technical indicators. The stock is trading comfortably above all key moving averages, signaling sustained strength. A breakout above ₹7,200 could accelerate momentum toward ₹7,500 and ₹7,700. Traders may hold or initiate fresh longs with a stop-loss at ₹6,950 for downside protection.