The Indian stock market is preparing for a potentially lower opening this Friday, influenced by weak signals from global markets. Trends observed in Gift Nifty are pointing toward a downward start for the country's primary benchmark indices, the Nifty 50 and the Sensex.
Recap of Previous Session
In contrast to the anticipated decline, the equity market closed on a positive note during the previous trading session. The Nifty 50 index concluded near the 26,200 mark. Specifically, the Sensex advanced by 446.21 points, or 0.52%, to finish at 85,632.68. Meanwhile, the Nifty 50 climbed 139.50 points, or 0.54%, settling at 26,192.15.
Expert Technical and Derivatives Analysis
Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services, provided insight into the Nifty options landscape. He noted that the maximum Call Open Interest (OI) is positioned at the 26,500 strike, followed by the 26,200 strike. Conversely, the maximum Put OI is concentrated at the 26,000 strike, then the 25,900 strike.
Taparia further elaborated, "Call writing is observed at the 26,250 and then the 26,200 strike. Put writing is visible at the 26,100 and then the 26,200 strike." This options data indicates a broader trading range between 25,700 and 26,600, with a more immediate range confined to 26,000 to 26,400 levels.
Nifty 50 and Bank Nifty Forecast
The Nifty 50 index formed a bullish candlestick pattern and continues to establish a sequence of higher highs across recent sessions. This pattern signals sustained strength and positive momentum. For the upward trend to continue, the index must hold above the 26,100 level. If it does, an upward move towards 26,277 and then 26,350 zones is possible. Support levels are now positioned higher at 26,100 and 26,000.
The Bank Nifty index ended Thursday's session with a gain of 131.65 points, or 0.22%, at 59,347.70. It formed a small bullish candle on the daily scale, featuring a long lower shadow, which suggests buying interest emerged at lower levels. The banking index is also seen outperforming the broader market. Taparia stated that the Bank Nifty must hold above 59,250 to attempt an up move towards a new lifetime high territory of 59,750 and then 60,000 zones. Downside support has shifted higher to 59,250 and then 59,000 levels.
Stocks to Buy Today
Chandan Taparia has recommended three stocks for purchase on November 21, 2025.
Reliance Industries: Taparia recommends a 'Buy' on Reliance Industries, which is on the verge of breaking out from a prolonged consolidation phase, supported by high trading volumes. A rising ADX line confirms the strength of the uptrend. The advised target price is ₹1,640 with a stop loss set at ₹1,500.
HDFC Bank: HDFC Bank shares have rebounded from their 100-day exponential moving average (DEMA) support, forming a large-bodied bullish candle. A positive crossover in the RSI indicator supports this upward move. The recommendation is to 'Buy' for a target of ₹1,055, with a stop loss at ₹985.
Tata Communications: This stock has developed a bullish 'Pennant' pattern on its daily chart, indicating a likely continuation of the existing uptrend. The positively placed MACD indicator adds to the bullish outlook. Investors are advised to buy for a target price of ₹2,040, maintaining a stop loss of ₹1,860.
Disclaimer: The views and recommendations presented are those of individual analysts and not of Mint. Investors are strongly advised to consult with certified experts before making any investment decisions.
