The Nifty 50 extended its upward journey for another session, gaining 0.84 percent on November 11 and taking its cumulative gains to more than 11 percent over the past two consecutive weeks. The bulls continue to dominate, with the broader market structure remaining healthy, supported by easing oil prices and persistent FII inflows. However, the RSI has moved closer to the overbought zone, raising the possibility of intermittent consolidation and profit-booking. The 25,000 mark is expected to provide immediate support to the Nifty 50, followed by 24,800 as a crucial support level. On the upside, the index needs to decisively clear the 25,400–25,500 resistance zone to extend its rally towards 25,900–26,000, according to experts, who continue to recommend a buy-on-dips strategy.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 25,384, 25,462, and 25,587
Support based on pivot points: 25,133, 25,055, and 24,929
Special Formation: The Nifty 50 formed a small-bodied bearish candle with upper and lower shadows on the daily charts, indicating indecision between bulls and bears. However, the higher high–higher low structure remains intact, keeping the broader bullish trend unaffected. All key moving averages continued to slope upwards, reinforcing the positive technical outlook. The RSI moved closer to the 80 mark, rising to 79.49, with a strong bullish crossover, indicating robust upward momentum, although the index is approaching overbought territory. The MACD maintained its upward trajectory, although the green histogram bar contracted for another consecutive session, suggesting some moderation in bullish momentum.