Trade Setup For Nov 13: Nifty Faces Crucial Resistance At 26,000 — Key Levels To Watch
The support level for Nifty 50, on the other hand, has moved to 25,780-25,715, according to analysts.
As the markets rose for a third day in row, the immediate resistance for NSE Nifty 50 is seen around the psychological level of 26,000, according to analysts.
"Should this resistance be surpassed, the benchmark is likely to approach the lifetime highs in the forthcoming sessions. Overall, the market exhibits a strong bullish sentiment, and any declines toward the mentioned support areas are likely to augur well for the bulls on D-Street," said Rajesh Bhosale, equity technical analyst, Angel One.
The support level, on the other hand, has moved to 25,780-25,715, the analyst noted.
"On the levels front, the bullish gap placed around 25,780-25,715 is expected to provide support against potential near-term declines. This is further reinforced by the critical support zone of 25,600-25,500," Bhosale said.
From a technical standpoint, a positive crossover in the relative strength index on the daily chart suggests the potential continuation of the primary trend following a period of consolidation, according to Bhosale.
Meanwhile, the Bank Nifty Index faces support in the range of 57,800- 57,500 and resistance at 58,400-58,500, according to Osho Krishnan, chief manager - technical and derivatives research at Angel One.
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Stock Market Today: Nifty, Sensex Gain For Third Session In A Row On India-US Trade Deal Optimism
Notably, the Indian stock market settled on a strong note on Wednesday. The NSE Nifty 50 ended above the crucial mark of 25,800. At the close, it was up 180.85 points or 0.7% at 25,875.8.
The BSE Sensex gained by 595.19 points or 0.71% to close at 84,466.51.
