Nifty 50, Sensex today: The Nifty 50, the benchmark index of the Indian stock market, is expected to open on a negative note on Friday (November 29), as suggested by Gift Nifty trends. Weak global signals, amid renewed uncertainty over the interest rate cut trajectory and growing geopolitical tensions, are weighing on sentiment.

At around 7:15 am, the Gift Nifty was at 24,135, a discount of 14 points from the previous close of Nifty futures.

The benchmark index closed on a deep cut by 1.5 percent in the previous session on the monthly expiration day, fueled by concerns over geopolitical tensions and uncertainty over the progress of rate cuts.

Geopolitical developments should be the main triggers for the markets.

“Global economies, including India, are facing continued inflation and high unemployment. These factors motivate aggressive efforts to boost GDP growth. At the same time, recent rate cuts and changes in trade dynamics have signaled a potential trade war between major economies. This could impact other developing countries, like India,” said VLA Ambala, co-founder, Stock Market Today.

Meanwhile, on the technical front, the Nifty 50 crossed the key resistance at 24,350 and fell below its 20 DEMA. According to Ajit Mishra, senior vice president of research at 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,” Mishra said.

F&O view

According to Chandan Taparia, 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 strikes. .

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

Nifty 50 Prediction

Rupak De, Senior Technical Analyst at LKP Securities, pointed out that the Nifty fell sharply during the day, falling below the crucial support level of 23,940. Sentiment appears weak, and further weakness seems possible from there.

“On the daily chart, the index has closed the gap it created recently. If the Nifty falls below 23,870 in the near term, it could continue to fall towards 23,500. However, if it sustains above 23,870 and does not make a low, it We could see a strong recovery towards 24,200 and above,” De said.

Ambala expects the index to trade in a range of 4 to 6 percent 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,” Ambala said.

Praveen Dwarakanath, Vice President, Hedged.in, pointed out that the momentum indicators in the weekly chart show weakness in the index.

“The daily candle closed the gap created on November 25, clearly indicating that the strength of the rally is slowly disappearing. Data from options writers for the monthly expiration showed an increase in put writes at the 24,000 level and call writings of 24,000. and above, indicating support for the index at the current level,” Dwarakanath said.

Bank Nifty Prediction

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

“Immediate support for the index lies at 51,800, a crucial level which if broken can take it down to 51,300 and later to the 50,500 level. Momentum indicators on the daily chart show a possible reversal after today’s drop Options Editor data for the monthly expiration index showed an increase in writes in calls at levels of 52,500 and above, indicating weakness in the index,” Dwarakanath said.

On the other hand, Jatin Gedia, technical research analyst at Mirae Asset Sharekhan, said Bank Nifty retained its crucial hourly moving average of 51,800.

“The gap zone in the 51.200 – 51.800 zone will act as a crucial support zone in a short-term perspective. Overall, this decline is unlikely to result in a resumption of the decline,” Gedia said .

Read all the market news here

Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.