Trade Setup For Nov 18: Nifty Faces Immediate Resistance At 26,100

The NSE Nifty 50, which closed just above the 26,000 mark, faces immediate resistance at 26,100, followed by 26,150, according to Amruta Shinde, technical and derivative analyst at Choice Broking.

"A sustained close above 26,050 will be key to strengthening bullish momentum and paving the way for further upside," Shinde said. On the daily chart, the Nifty has formed a bullish candle and continues to create higher highs and higher lows, indicating a strong uptrend.

"Nifty is expected to continue its upward move. The index may first approach 26,100, and if momentum sustains, it could extend further towards 26,300 in the near term. On the downside, support has shifted higher to the 25,800–25,850 zone," Bajaj Broking Research said.

On the downside, the 25,850–25,900 zone is expected to act as a strong accumulation area for positional traders, according to Shinde. Bajaj Broking Research placed support higher, shifting it to the 25,800–25,850 zone, which is likely to attract buyers on any pullback.

The Bank Nifty showcased significant strength, hitting a fresh record high and breaking out of its recent consolidation.

Vatsal Bhuva, technical analyst at LKP Securities, noted a clean breakout on the daily chart, "confirming renewed bullish momentum. This breakout highlights the strong grip of bulls on the index".

He added that the index remains a buy-on-dip candidate as long as it sustains above 58,000, where its 20-day exponential moving average is positioned.

On the upside, immediate resistance is expected around 59,300 and 59,500 levels (Bhuva). Bajaj Broking Research sees the index positioned to retest the 59,350 zone as its immediate resistance, and potentially head toward 59,850. Choice Broking's Shinde placed immediate resistance at 59,100, and a breakout above this could extend the rally toward 59,300.