Stock market today: Indian equities opened November on a subdued note on Monday, with the Sensex and Nifty easing after a strong rally in October. Weakness in private banking and FMCG stocks dragged the benchmarks lower, though upbeat quarterly earnings and monthly auto sales data helped limit losses.
The S&P BSE Sensex fell 258 points, or 0.31 per cent, to 83,680.70 at the open, while the NSE Nifty 50 declined 60.50 points, or 0.24 per cent, to begin at 25,661.60.
At 1 pm, Sensex rose marginally to touch 83,952.86, meanwhile, Nifty touched 25,750 level.
“Markets opened on a mildly cautious note, tracking mixed cues from Asian peers. However, renewed buying interest in PSU banks and realty stocks lent early support, helping indices hold a positive bias in the opening trade and reflecting an undertone of selective optimism among investors.
The Nifty 50 continues to hold firmly above 25,660, which has now transitioned from resistance to a strong support zone. This level is expected to attract buying interest on intraday dips. A decisive hourly close below 25,660 could invite short-term weakness toward 25,450–25,500, while sustaining above this zone would help maintain the broader bullish structure. On the upside, resistance levels are seen at 25,870–25,960–26,050, with a decisive breakout above 26,100 likely to trigger the next leg of momentum toward 26,500. However, the recent spinning top and shooting star formations on the weekly chart indicate hesitation at higher levels, suggesting mild profit booking before the next directional move,” said Ponmudi R, CEO of Enrich Money.
Key technical levels to watch out for in the near-term
Sensex
Anshul Jain, Head of Research at Lakshmishree, believes that Sensex post breaching its all-time high of 84,089 and making fresh highs, the index is witnessing a pullback and currently trading below this crucial support level.
“A sustained move below 84,089 could trigger a deeper correction toward 82,500. However, if this breakdown turns out to be a bear trap — as current market structure suggests — bulls are likely to regain control and push for fresh all-time highs soon. The probability of this down move being a temporary shakeout rather than a trend reversal remains high,” Jain said.
Nifty 50
The Nifty index closed at 25,722.10, registering a 0.28 per cent decline from the previous week’s close. On the weekly chart, the index reflects a sideways setup, as it failed to sustain above the 25,800 mark, indicating the possibility of some retracement or consolidation in the near term.
According to Hardik Matalia, Derivative Analyst at Choice Broking, the Nifty has immediate support at 25,600 and 25,500, which could provide buying opportunities on declines.
“On the upside, resistance is seen at 25,800 and 26,000, with the latter acting as a key hurdle. A sustained breakout above 26,000 could trigger a bullish move, potentially targeting the 26,100–26,300 zone in the coming weeks,” Matalia said.
Bank Nifty
Bank Nifty ended the week on a weak note, closing at 57,776.35, down 696 points from the week’s high, marking a volatile trading session. The index displayed notable weakness by breaking below the key support level of 58,000.
Matalia said, “If selling pressure re-emerges and the index decisively breaks below 57,600, it could trigger a further correction towards 57,480–57,325 and potentially lower levels. On the upside, immediate resistance is placed at 58,000, followed by 58,300 and 58,700.
Matalia further advised investors to remain constructive yet disciplined in the near-term. “A decisive close above 58,000 would reaffirm bullish momentum and open the door for further gains, whereas failure to sustain above this level could invite short-term weakness. Traders are advised to remain constructive yet disciplined, closely monitoring 57,600 on the downside and 58,000 on the upside for cues on the next directional move,” he added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.