Both benchmark indices saw gains of more than 1.5 percent, with the Nifty finishing at 25,910.05 and the Sensex settling at 84,562.78 during the previous week.
The markets staged a robust comeback during the week, ending solidly in the green as the India VIX finished at 11.9375 after falling 4.94% over the course of the week, suggesting less volatility and a more stable market environment.
Now that the earnings season is over, attention will turn to domestic cues, including Infrastructure Output data, Foreign Exchange Reserves, and Services PMI. Key U.S. economic announcements, such as the minutes of the most recent FOMC meeting, will influence market sentiment globally.
Nifty Outlook Today
“Nifty continues to oscillate within a well-defined trading band between 26,000 and 25,750, even as it successfully reversed its two-week losing phase. A decisive breakout on either side will be key in shaping the next directional move. The index’s strong footing above major moving averages and the conversion of previous resistance levels into dependable support zones collectively bolster the short-term bullish sentiment. However, persistent FPI outflows across both cash and derivatives segments warrant measured caution,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
“While call writers have aggressively added positions near upper strikes, put writers sustaining positions at lower levels point to an ongoing battle between bulls and bears-resulting in a cautiously positive yet range-bound outlook. A clear breakout above 26,000 could spark a fresh uptrend, whereas a fall below 25,700 may induce short-term weakness. Until a directional move emerges, traders may prefer a selective and disciplined stance, capitalizing on opportunities that arise from moves beyond this consolidation range for clearer trend validation,” he added.
Bank Nifty Outlook Today
“Technically, Nifty Bank is approaching a potential breakout from its consolidation band, as the index continues to hold comfortably above its 10- and 20-day exponential moving averages. These moving averages-once hurdles-now serve as robust support zones. Moreover, the index’s ability to stay above the major demand area around 58,100-57,900 reinforces the bullish tone and supports the prevailing uptrend. As long as Nifty Bank remains above the 58,000-57,800 support range, traders are advised to maintain a “buy-on-dips” approach,” commented Dhupesh Dhameja.
“On the upside, immediate resistance is placed around 58,650. A sustained move above this zone could trigger fresh momentum and potentially lead to an extended rally. On the flip side, a slip below 57,800 may signal emerging weakness and could prompt short-term profit-taking. Momentum indicators further validate the strength-the 14-day RSI holding above 65 highlights firm bullish traction. Thus, 57,800 remains the crucial support to watch, while the 58,500-58,600 region serves as the near-term resistance zone,” he stated.
Stocks To Buy Today
Technical analyst Riyank Arora of Mehta Equities Ltd. advised purchasing two stocks on Monday, November 17, after the Nifty index halted its two-week losing streak with a weekly gain of 1.64%.
IndusInd Bank
Buy | CMP: Rs 848.25 | SL: Rs 825 | Target: Rs 880 / Rs 900
IndusInd Bank is showing recovery signs after a mild correction, with the stock bouncing from its support zone near ₹825. Price action is improving, and charts indicate strengthening buying interest. If the stock sustains above ₹850, it could head toward ₹880 and ₹900. Maintain a stop-loss at ₹825.
Tata Motors
Buy | CMP: Rs 391.20 | SL: Rs 375 | Target: Rs 415 / Rs 430
Tata Motors is forming a strong base on the charts, with consistent support near the ₹375-380 zone. The stock is attempting to regain momentum with RSI showing early strength. A move above ₹395 may trigger the next rally toward ₹415 and ₹430. Traders can accumulate with a stop-loss at ₹375.