Nifty Outlook: There was high volatility in Nifty throughout the day on Thursday as investors waited for Bihar election results. Market experts believe that this fluctuation may continue in Friday’s session also. After the ongoing recovery for the last few days, Nifty faced tough resistance at the level of 26,000. Amidst sharp fluctuations throughout the day, Nifty closed at 25,779 with a slight gain of 3 points.
Now let us understand from the experts how the movement of Nifty will be on Friday 14th November and which levels will be important. But, before that, let us know what special happened in the market on Thursday.
Nifty’s top gainers and losers
Top gainers on Nifty included Asian Paints, Hindalco and Indigo. At the same time, Eternal, Tata Motors (Commercial Vehicles) and M&M showed pressure and were among the top losers.
Sector-wise market performance was mixed. Metal, realty and pharma indices saw gains. Whereas PSU Bank, Media and FMCG indices declined. Broader markets remained weak, with both Nifty Midcap 100 and Smallcap 100 closing 0.4% down.
₹45,060 crore package for exporters
The government on Thursday approved a huge support package of ₹45,060 crore for exporters. In this, credit guarantee of ₹20,000 crore will be given for collateral-free loans and ₹25,060 crore will be given for trade finance, logistics and market access support in the next six years.
The purpose of this package is to increase the competitiveness of exporters and reduce the impact of American tariffs. Globally, investors are now eyeing key US economic data, including Core CPI and Initial Jobless Claims. This data can decide the direction of the market.
Expert opinion on Nifty
Nagraj Shetty of HDFC Securities says that the short term trend of Nifty is still positive, but the market may continue to be volatile before the Bihar Assembly election results on November 14. According to Shetty, Nifty may get strong support between 25,750-25,700. If the index stands firmly above 26,000, it may go up to 26,300 levels in the coming week.
Rupak Dey of LPK Securities said that the immediate resistance for Nifty is at the level of 26,000. If this level is crossed decisively, a rally to 26,200–26,350 is possible. At the same time, there is support on the downside at 25,800, below which the current rally may weaken.
26,000 big hurdle for Nifty
Nilesh Jain of Centrum Broking says that Nifty is repeatedly stopping at the psychological level of 26,000. He said that breakout above this level is very important for further upside.
According to him, now the support has slipped slightly higher to 25,700, which is near the 21-day moving average. He added that the overall trend is still bullish and any decline can be considered a buying opportunity.
Nandish Shah of HDFC Securities said that the nearest resistance for Nifty is at 26,100 and 26,277, while support is around 25,715.
57,800 important level for Bank Nifty
Sudeep Shah of SBI Securities said that Bank Nifty may get support between 57,900-57,800. But if the index slips below 57,800, the fall could extend to 57,400. He said that if Bank Nifty gives a breakout above 58,600, then it can go up to 59,000 level in the short term.
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