The Indian equity markets are likely to open on a muted note on Monday, November 10, amid mixed global cues and subdued trends in GIFT Nifty. However, technical indicators suggest that the broader uptrend remains intact, with key supports holding firm after last week’s correction.
On Friday, the NSE Nifty 50 slipped 17.4 points, or 0.07%, to close at 25,492, while the BSE Sensex ended 95 points, or 0.11%, lower at 83,216. Broader indices also saw mild weakness as traders booked profits ahead of a heavy earnings week.
According to Sudeep Shah, Vice-President & Head of Technical and Derivatives Research at SBI Securities, markets could see renewed momentum if key support zones continue to hold. Shah offered a detailed technical outlook for the Nifty, Sensex, and Bank Nifty, highlighting crucial levels that could define market direction this week.
Nifty Outlook: Testing Crucial Support Before Next Rally
“The benchmark index Nifty witnessed a strong breakout from a Symmetrical Triangle pattern in October,” Shah explained. “Following this breakout, the index maintained its upward momentum, steadily advancing toward its all-time high. However, despite the initial strength, it failed to surpass the record peak, leading to a quick phase of profit-taking.”
From the recent high of 26,104, Nifty corrected nearly 800 points over just 10 trading sessions, a sign of short-term exhaustion after an extended rally.
Looking ahead, the 25,300–25,250 zone is expected to serve as a crucial support area for Nifty. This level not only represents the breakout retest but also aligns with the 50-day EMA, adding to its importance.
On the upside, resistance is seen near 25,650–25,700. “A sustained move above 25,700 could pave the way for a fresh rally, potentially propelling the index towards 26,000 and later 26,300 in the short term,” he said.
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Shah cautioned that traders should closely watch price behavior around these levels. “A decisive breakout or breakdown will likely determine the next directional move for the index,” he emphasized.
Sensex Technical View: Signs of Short-Term Exhaustion, But Rebound Intact
According to Shah, the Sensex has mirrored a similar pattern. “The benchmark index recently experienced a sharp correction, losing over 2,600 points in just 10 trading sessions as profit-taking set in after a strong upward rally,” he said.
However, the decline found firm technical support near 82,670, marking a key turning point for the index. This zone represents a confluence of the 50-day EMA and the 50% Fibonacci retracement of the prior rally from 80,160 to 85,290, levels that often act as strong demand zones.
“Friday’s smart rebound from this area reaffirmed renewed buying interest,” Shah said. On the weekly chart, the Sensex formed a bearish candle with a long lower shadow, indicating that while selling pressure existed, buyers stepped in decisively near the support zone.
“This pattern reflects short-term exhaustion in the downtrend and hints at a possible reversal or consolidation phase in the sessions ahead,” Shah explained.
For the week, the 82,700–82,600 range will act as a vital support zone, while resistance is seen around 83,800–83,900. “A decisive breakout above 83,900 could trigger a sharp rally, opening the way for targets near 84,500 and 85,000 in the short term,” he added.
Bank Nifty Continues to Lead Market Strength
Even as broader markets faced selling pressure, Bank Nifty emerged as the star performer.
“The banking benchmark index has continued to shine on Dalal Street, consistently outperforming the broader market over the past few months. Even in the past week, while the Nifty index declined by nearly 1%, Bank Nifty managed to end in positive territory, reaffirming its relative strength and leadership,” Shah noted.
He highlighted that the Bank Nifty-to-Nifty ratio chart has climbed to a 68-day high, showing robust relative momentum. “The ratio continues to form higher highs and higher lows — a classic indicator of sectoral dominance and sustained buying interest in leading banking names,” he explained.
Looking ahead, the 20-day EMA zone around 57,500–57,400 is expected to act as a strong support area, cushioning short-term pullbacks. On the upside, the 58,200–58,300 band will serve as resistance. “A strong close above 58,300 could trigger the next leg of the rally, potentially lifting the index towards 59,000 and 59,600 in the near term,” Shah projected.
“As long as Bank Nifty holds its short-term supports and maintains leadership on the ratio chart, the broader market sentiment is likely to stay constructive, with banking stocks once again leading the uptrend,” he added.
Sectors to Watch This Week
On the sectoral front, Shah said indices like Nifty Bank, Nifty Financial Services, Nifty Metal, Nifty PSU Bank, Nifty Oil & Gas, and Nifty Capital Market have shown strong rebounds from support zones, signaling sectoral breadth in the recovery.
“These segments could provide leadership if the uptrend resumes,” he said.
However, he cautioned that Nifty Consumer Durable, Nifty FMCG, Nifty IT, Nifty India Tourism, and Nifty Media are likely to underperform in the short term.
Outlook: Cautious Optimism Amid Volatility
While mixed global cues and ongoing earnings could lead to short-term volatility, the domestic technical setup suggests a buy-on-dips strategy remains favorable.
With both Nifty and Sensex finding support near key EMAs and Bank Nifty showing relative strength, analysts expect constructive momentum to continue. provided crucial levels hold.
