The Nifty 50 ended the November series on a strong note, registering a new lifetime high of 26,310 before witnessing mild profit booking at upper levels. Despite the intraday pullback, the index continues to maintain its higher-high and higher-low formation, reinforcing the strength and sustainability of its ongoing bullish trend.
On Thursday, Nifty added 10.25 points to close at 26,215.55, extending its structurally positive momentum. The index is trading comfortably above its major support zone and remains well-positioned above the 10-DEMA, indicating persistent underlying strength.
Technical Analysis: Uptrend Intact With Bullish Momentum
Nifty’s price action shows a firm bullish continuation pattern as it trades near its record high. A decisive move above the recent all-time high may trigger fresh short-covering and open the doors for additional upside.
The 10-DEMA near 26,000 continues to act as a reliable support pocket, where buying interest has consistently emerged. On the upside, the 26,300–26,320 zone remains the key resistance. A breakout above this level could accelerate the next leg of the rally.
Momentum indicators further strengthen the bullish case—the 14-day RSI remains above 60, reflecting increasing positive momentum.
Key Levels to Watch:
- Resistance: 26,300 / 26,500
- Support: 26,000 (major buy-on-dips zone)
Derivatives Snapshot: Strong Put Writing Supports Bullish Outlook
The derivatives data continues to reflect a supportive market structure for the bulls.
- Put writers have aggressively added open interest at lower and at-the-money strikes, strengthening market support.
- Call writers are unwinding positions and shifting to higher strikes, signalling expectations of further upside.
Major OI Concentrations:
- Call OI: ~1.06 crore contracts at 26,500 – key resistance zone
- Put OI: ~1.59 crore contracts at 26,000 – strong support base.
The Put-Call Ratio (PCR) has eased to 1.14 from 1.55, indicating a healthier balance in the market while still maintaining a positive bias.
Market Outlook: Bulls Maintain Control
Nifty’s ability to reclaim and sustain record highs underscores the continuation of its strong upward momentum. With a well-defined pattern of higher highs and higher lows, the broader trend remains firmly bullish.
A stable breakout above 26,300 may trigger:
- Fresh short-covering
- Momentum buying
- A potential upward move toward 26,500
On the downside, any dip toward 26,000 is likely to attract buying interest, keeping the overall market structure favourable for bulls.
Easy & quick
Leave A Comment?