Indian equities are poised for a flat to mildly positive start on November 17, with the GIFT Nifty indicating an opening near 26,020, up about 68 points. Market sentiment remains cautiously optimistic amid mixed global cues and a lack of significant domestic triggers. In the near term, traders will continue to track global market movements, crude oil trends, and institutional flows to gauge overall direction.
On the weekly chart, the Nifty has shown a firm recovery from key support zones, closing above 25,900 and signaling a sideways-to-bullish bias. Immediate support is placed at 25,800 and 25,700, offering opportunities to accumulate on dips, while resistance levels are seen at 26,000 and 26,100 — the latter acting as a critical breakout point. A sustained move above 26,100 could open the door for an upside extension toward the 26,250–26,400 zone in the coming weeks.
Similarly, the Bank Nifty has formed a strong bullish candle on the weekly timeframe, closing above 58,500 and indicating renewed buying strength. Support lies at 58,000 and 57,500, while resistance is placed at 58,800 and 59,000. The broader view remains sideways to bullish as long as the index holds above its key support levels.
Flows continue to reflect caution, with FIIs extending their selling streak for a fifth straight session, offloading equities worth Rs 4,968 crore on November 14. In contrast, DIIs remained strong buyers, adding Rs 8,461 crore during the same session.
Given ongoing volatility and global uncertainty, traders should follow a selective buy-on-dips strategy, especially with leverage. Tight trailing stop-losses and partial profit-booking are key for risk control. Fresh longs are advisable only above 26,100, while close tracking of technical levels and global cues remains essential.
