Nifty 50, Sensex today: What to expect from the Indian stock market in trade on November 29


Nifty 50, Sensex today: The Nifty 50, the frontline index of the Indian stock market, is likely to open on a negative note on Friday, November 29, as suggested by trends on Gift Nifty. Weak global cues amid renewed uncertainty about the interest rate cut trajectory and rising geopolitical tension weigh on sentiment.

Around 7:15 a.m., the Gift Nifty was at 24,135, a 14-point discount from the Nifty futures’ previous close.

The benchmark index closed with a deep cut of 1.5 per cent in the previous session on the monthly expiry day, fueled by concerns over geopolitical tensions and uncertainty about the path of rate cuts.

Geopolitical developments are expected to be the major triggers for the markets.

“The world economies, including India, face continuous inflation and a high unemployment rate. These factors are driving aggressive efforts to boost GDP growth. Meanwhile, recent rate cuts and changes in trade dynamics have signalled a potential trade war between major economies. This could impact other developing countries, such as India,” said VLA Ambala, the co-founder of Stock Market Today.

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Meanwhile, on the technical front, the Nifty 50 breached the key resistance at 24,350 and slipped below its 20 DEMA. According to Ajit Mishra, SVP of Research, Religare Broking, the trend suggests a likely consolidation phase ahead.

“A decline in key sectors like IT and banking adds to the negative sentiment. Traders are advised to remain cautious and focus on stock-specific opportunities until a clearer trend emerges,” said Mishra.

F&O view

According to Chandan Taparia, the head of equity derivatives and technical- wealth management at Motilal Oswal Financial Services, on the options front, the maximum Call OI is at 24,500, then 25,000 strike, while the Maximum Put OI is at 23,500, then 23,000 strike.

“Call writing is seen at 24,500, then 24,000 strike, while Put writing is seen at 23,000, then 24,000 strike. Options data suggests a broader trading range between 23,500 to 24,500 and an immediate range between 23,700 to 24,200 levels,” said Taparia.

Also Read | Sensex, Bankex, Sensex 50 monthly expiry days to change from January 1, 2025

Nifty 50 Prediction

Rupak De, Senior Technical Analyst at LKP Securities, pointed out that the Nifty slipped sharply during the day, falling below the crucial support level of 23,940. The sentiment looks weak, and further weakness seems possible from here.

“On the daily chart, the index has closed a gap it created recently. If the Nifty falls below 23,870 in the short term, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher,” said De.

Ambala expects the index to trade within a 4-6 per cent range over the next one to four weeks.

“Support for Nifty is expected around 23,830, 23,600, or 23,190, while resistance can be found near 23,980 and 24,140,” said Ambala.

Praveen Dwarakanath, vice president of Hedged.in, underscored that the momentum indicators in the weekly chart show weakness in the index.

“The daily candle has closed the gap-up created on 25 November, clearly stating the strength in the rally is slowly disappearing. Options writer’s data for the monthly expiry showed an increase in the put writing at the 24,000 level and writing in calls of 24,000 and above, indicating support for the index at the present level,” said Dwarakanath.

Bank Nifty Prediction

Dwarakanath observed Bank Nifty was rejected from its immediate resistance at the 52,500 level and closed below the 52,000 level.

“The index’s immediate support is at 51,800, a crucial level that, if broken, can push it down to 51,300 and later to the 50,500 level. The momentum indicators on the daily chart show a possible reversal after today’s fall. Options writer’s data for the monthly expiry showed increased writing in the calls of the 52,500 and above levels, indicating weakness in the index,” said Dwarakanath.

On the other hand, Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan, said Bank Nifty is holding on to its crucial hourly moving average of 51,800.

“The gap area in the 51,200 – 51,800 zone shall act as a crucial support zone from a short-term perspective. Overall, this fall is unlikely to result in the resumption of the fall,” said Gedia.

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